Karachi, In a recent board meeting held on June 10, 2023, Bhanero Textile Mills Ltd announced the unanimous approval and adoption of the Scheme of Arrangement between the company and Bhanero Energy Ltd Unit I (BEL-I), as sanctioned by the Sindh High Court Order Number JCM 10 of 2022.
Under the scheme, the BEL-I Kotri Unit Undertaking will be demerged from Bhanero Energy Ltd (BEL) and merged into Bhanero Textile Mills Ltd. This strategic move aims to streamline operations and enhance efficiency within the organization.
As part of the arrangement, Bhanero Textile Mills Ltd will issue 40,964 shares to the shareholders of BEL in proportion to their respective shareholdings in BEL. Simultaneously, there will be a cancellation of 5.99% of the shareholding of each BEL shareholder, resulting in a reduction of BEL’s issued and paid-up share capital.
It is important to note that fractional shares will not be issued under the Scheme. Instead, all fractional shares will be consolidated into whole shares, which will be issued to any of the company’s directors. These directors will then be entrusted to sell the consolidated shares and donate the proceeds, after deducting related expenses, to a charitable institution.
A separate notice will be issued to inform shareholders about the book closure for the issuance of shares under the Scheme. The guidelines provided by the Central Depository Company (CDC), Pakistan Stock Exchange (PSX), and the share registrar will be followed in this process.
Furthermore, the board of directors has authorized Mr. Mohammad Salim and Mr. Muhammad Shaheen, directors of Bhanero Textile Mills Ltd, to complete the necessary legal and regulatory compliance in accordance with the Scheme sanctioned by the Court. The authorized directors may delegate their powers to suitable individuals as they deem appropriate for the aforementioned purpose.
It is worth mentioning that the stock symbol of Bhanero Textile Mills Ltd, identified as ‘BHAT,’ will remain unchanged. This development marks a significant step forward for the company, as it seeks to strengthen its position in the industry through strategic restructuring.