Lahore October 14 2022: The Honorable Lahore High Court, Lahore in its order dated October 11, 2022 has approved the Merger Scheme of Compromises, Arrangement and Reconstruction (`The Scheme’) under Companies Act amongst G3 Technologies Limited with and into Ghani Chemical Industries Limited, according to company filing to the exchange.
The approved terms are as follow
(1) Ghani Chemical Industries Limited (GCIL) as Transferee
(2) G3 Technologies Limited (GTECH) as Transferor
(3) Surviving Entity GCIL
with Sanction Date of October 14, 2022
Both companies will complete the requisites procedures within due course of time.
As per the approved Scheme, the formula for the determination of the opening price of GCIL shares on the start of its share trading on PSX shall be in accordance with Article 6 (clause X), which states that “the opening price of GCIL shall be based on P/E ratio, which is determined on the basis of market equivalent share and earning potential of the merged balance sheet of both companies, as determined by the Auditor’s Certificate, after taking impact of swap ratio, but it should not be less than the par value of share of GCIL”.
