Gatron Industries Limited (GATI) announced on Wednesday of withdrawing its scheme of arrangement with Nova Frontiers Limited (NFL) and Ghani & Tayub (Private) Limited (G&T)
The company disclosed the development in a notice to the Pakistan Stock Exchange on Wednesday.
GATI said that NFL and G&T had made the decision given the latest developments.
“The company’s (GATI) role in the scheme was only administrative and consequential, as the primary transaction under the proposed scheme of arrangement was between the two aforesaid corporate shareholders of the company and their respective shareholders.
Accordingly, GATI’s board, through a circular resolution, has also resolved to withdraw its earlier approval of the proposed scheme, the notice added.
GATI clarified that withdrawal of the proposed scheme would not have any impact on the company’s remaining shareholders, business operations, or assets of the company.
“The parties to the scheme will initiate the process of withdrawing the proceedings filed earlier before the Hon’ble High Court of Balochistan.”
Gatron Industries Limited was incorporated in Pakistan as a public limited company in 1980 and is engaged in the manufacturing of Polyester Filament Yarn through its self-produced Polyester Polymer/Chips.
Besides, the company also produces PET preforms, PET resins, PET bottles, BOPET film, PET sheets, fashion apparel, home textiles, etc.
