Ghani Chemical Industries Limited (GCIL) has announced the approval of a major restructuring initiative that includes the demerger of its Calcium Carbide Project and the merger of Ghani Products (Private) Limited (GPL) into GCIL.Â
The decision, made during a board meeting held on September 16, 2024, is subject to approval from the Lahore High Court and other regulatory bodies.
The key highlights of the restructuring plan include the separation of the Calcium Carbide Project from GCIL, transferring it to its wholly-owned subsidiary, Ghani ChemWorld Limited (GCWL), which operates in the Hattar Special Economic Zone. Additionally, the assets of Ghani Products will be merged into GCIL based on a one-to-one swap ratio.
In line with the restructuring, GCIL will issue 50 partially redeemable shares of GCWL, worth Rs 5,000, for every 1,000 ordinary shares of GCIL, valued at Rs 10,000. The partially redeemable shares will have a par value of Rs. 100 each, with Rs. 90 as redeemable and Rs. 10 as irredeemable.
Furthermore, GCIL plans to issue an additional 70 million ordinary shares to GCWL. The board has also approved listing Ghani ChemWorld Limited on the Pakistan Stock Exchange (PSX) following the submission of the necessary documentation.
The restructuring plan will now be circulated to shareholders and the PSX, pending court orders and legal formalities.
