Home Finance News Azgard Nine Limited: Key Update on Muzaffargarh Unit Sale Transaction

Azgard Nine Limited: Key Update on Muzaffargarh Unit Sale Transaction

by web desk

Azgard Nine Limited has released an important update regarding the ongoing sale of lands related to its Muzaffargarh Unit, as part of the Creditors’ Scheme of Arrangement. In a formal communication to stakeholders, the company referenced provisions under Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of the Exchange, to inform them about the current status of the transaction.

The company acknowledged that previous discussions on the sale of the Muzaffargarh Unit’s assets, including plant, equipment, and related installments, were scheduled to be completed by September 30, 2024. However, due to “unavoidable circumstances,” the Agent Banks involved in the creditors’ agreement have agreed to extend the transaction completion date to June 30, 2025.

This extension indicates that the creditors remain committed to the arrangement but require additional time to complete the necessary formalities. The company reassured stakeholders that they remain transparent in their disclosures by including all required documentation in compliance with Section 96 of the Securities Act, 2015.

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