Gatron (Industries) Limited has announced the withdrawal of its earlier approval for a proposed Scheme of Arrangement with Nova Frontiers Limited (NFL) and Ghani & Tayub (Private) Limited (G&T).
The company shared this development through a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“The Board of Directors of Gatron (Industries) Limited (the Company), in its meeting held on February 10, 2025, resolved to authorize the Company to enter into a Scheme of Arrangement (“Scheme”) with Nova Frontiers Limited (“NFL”) and Ghani & Tayub (Private) Limited (“G&T”), subject to the necessary approval by the Honorable High Court of Balochistan at Quetta and the shareholders of the respective companies,” Gatron said in its notice.
The decision was made following NFL and G&T’s notification that their respective boards have resolved to withdraw the proposal. The company’s involvement in the scheme was administrative, as the primary transaction was between the two corporate shareholders and their shareholders.
Gatron clarified that the withdrawal of the scheme would have no impact on its shareholders, business operations, or assets.
Additionally, the parties involved will begin the process of withdrawing the legal proceedings filed with the Hon’ble High Court of Balochistan. The closed period related to the material information disclosure has now ended.
The company was incorporated in 1980 as a Public Limited Company. The principal business of the company is manufacturing of polyester filament yarn through its self-produced Polyester Polymer/Chips. The company also produces pet preforms.
