JDW Sugar Mills on Wednesday announced that the shareholders of its paper pulp subsidiary, (FPML) granted the disposal and sale of the company’s entire project land – 243 Kanals and 18 Marlas situated at Mouza Mangowal, Tehsil and District Gujrat.
According to a notice sent to the Pakistan Stock Exchange (PSX), the FPML’s land will be sold in parts or their entirety, to the prospective buyer under the guidelines and procedures set out by the company’s board.
JDW Sugar Mills annual report 2023 suggests FPML, after obtaining the members’ approval, sold its entire assets (building, plant, and machinery) last year for Rs 1.6 billion (inclusive of taxes), except the project land, in response to the tender notice published in the newspapers. FPML also indicated selling its entire project land.
JDW Sugar Mills controls 57.67% of the shareholding in FPML – it is the only subsidiary in which JDW does not control 100% of the total shareholdings.Â
JDW Sugar Mills Limited was incorporated in Pakistan on 31 May 1990 as a private limited company under the Companies Ordinance, 1984 and was subsequently converted into a public limited company on 24 August 1991.Â
The principal activity of the company is the production and sale of crystalline sugar, electricity, and managing corporate farms.
