Kohinoor Power and Saritow Spinning retract approval for proposed amalgamation

The Boards of Directors of Kohinoor Power Company Limited (KPCL) and Saritow Spinning Mills Limited (SSML) have decided to retract the previously granted approval for the proposed amalgamation of KPCL into SSML, according to a filing at the local bourse on Monday.  

This decision follows a thorough review of the current economic conditions and the financial status of SSML, which has ceased production as of February 2024. 

“Given these circumstances, it has been concluded that the anticipated benefits of the merger are no longer achievable. We appreciate the ongoing support of our shareholders and will continue to evaluate strategic options moving forward,” both companies said in separate notice to the PSX.