LAHORE: In a notice sent to the Pakistan Stock Exchange (PSX), Nishat Chunian has declared the results of a recently held meeting of its Board of Directors, which indicates that Nishat Chunian might acquire NC Electric or merge with its wholly-owned subsidiary.
As per the notice, the Board of Directors of Nishat Chunian Limited (NCL), in its meeting held on Monday, discussed the matter of merger or acquisition of NC Electric Company Limited (NCECL) i.e. a 100 per cent owned subsidiary of the company.
Principally the board has granted approval for any of the following:
1. Acquisition of all assets of NCECL along with its liabilities by NCL.
2. The merger of both companies under Companies Act 2019
Meanwhile, it has also been decided in the board meeting that the final course of action will be taken after due consultation with the subject specialists.
NCL shares opened the trading day at Rs38.50, while at the time of filing of this news, NCL shares dropped Rs0.70 and were being traded at Rs37.80 with a total traded volume of 251,500 shares. Moreover, the company’s shares have dropped 26.92 per cent year on year.