August 02, 2022 (MLN): The management of Nishat (Chunian) Limited (PSX: NCL) shall transfer to its members the Nishat Chunian Properties (NCPL)’s shares owned by it in the ratio of 0.78 shares of NCPL for one fully paid-up share of NCL, the company filing on PSX showed today.
To recall, on July 20, 2022, the honorable Lahore High Court (LHC) sanctioned the scheme of arrangement pertaining to the separation of the property between NCL and NCPL, a 100% owned subsidiary of NCL.
The principal object of the scheme is the separation of the piece of lance from NCL and transfer to NCPL against the issuance of ordinary shares of NCPL to NCL.
The said scheme would make NCL and NCPL independent of each other by the transfer amongst the members of NCL of the NCPL shares.
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