Azgard Nine says Muzaffargarh unit sale deadline extended to Dec 31
Company says Agent Banks received LHC order allowing action against bidder, including possible termination of bid and invitation of fresh bids
Azgard Nine Limited has informed the Pakistan Stock Exchange (PSX) that the deadline under the Creditors’ Scheme of Arrangement for the sale of its Muzaffargarh Unit has been extended till December 31, 2026.
In a material information notice filed on Thursday, the company said the development is in continuation of earlier communications related to the Creditors’ Scheme of Arrangement and the sale of the Muzaffargarh Unit.
Azgard Nine said the Agent Banks had conveyed that the Honourable Lahore High Court had passed an order allowing the Agent Banks to take whatever action may be available to them under the law against the bidder.
The company said such action may include termination of the bid and invitation of fresh bids.
“In view of the situation,” the Agent Banks had no option but to further extend the deadline under the scheme for the sale of the Muzaffargarh Unit till December 31, 2026, the notice stated.
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