On Monday an announcement was made by the Kohinoor Power Company regarding its merger with the Saritow Spinning Mills Company, which is a listed firm on the Pakistan Stock Exchange (PSX).
As per a notification sent to Pakistan Stock Exchange (PSX) on Monday, Kohinoor Power Company Limited informed that its board of directors have given a green signal in principle for the merger or acquisition of the firm with and into the Saritow Spinning Mills Limited.
The notification mentioned that the scheme of arrangement for the merger would be shown to the board in due time for getting a go-ahead and would remain subject to getting all obligatory approvals or permissions and it’s authorising by the respectable Lahore High Court, Lahore and subjected to the completion of all necessary legal requirements.
Additionally, Kohinoor Power Company Limited (KPCL) said that after getting the required approval from the board, the scheme would be circulated to the stock exchange.
The Kohinoor Power Company Limited was formed in December 1991 with the objective of taking part in the development and prosperity of the nation via power generation.
It is located at 51 km Multan Road, Lahore and Kohinoor Nagar, Faisalabad. The basic activities of the firm are to own, run and maintain a furnace oil power station with the capacity of 15 MW. WAPDA is the only customer of KPCL.