Sapphire Fibres issues 1.32 million shares after merger with Reliance Cotton Spinning Mills

Sapphire Fibres Limited has issued 1,321,967 new shares following its merger with Reliance Cotton Spinning Mills Limited, according to a notice filed with the Pakistan Stock Exchange (PSX) on Monday.

Sapphire Fibres said that the shares were credited to investors’ accounts on April 24, 2026 through the Central Depository System, in exchange for shares held in Reliance Cotton Spinning Mills Limited.

The share swap was carried out at a ratio of 0.40 shares of Sapphire Fibres for every one share of Reliance Cotton Spinning Mills, based on the merger entitlement list dated April 16, 2026.

Following completion of the transaction, securities of Reliance Cotton Spinning Mills Limited have been removed from the Central Depository System.

As a result, the paid-up capital of Sapphire Fibres Limited has been revised to 24,871,228 shares.

Sapphire Fibres had first approved the merger plan in September 2025, when its board cleared a Scheme of Compromises, Arrangement and Reconstruction to merge Reliance Cotton Spinning Mills Limited into the company.

In March 2026, Reliance Cotton Spinning Mills Limited informed the PSX that the Sindh High Court had approved the merger through court order JCM No. 48 of 2025 under Sections 279 to 283 of the Companies Act, 2017.