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Mehran Sugar Mills Limited (MRNS) announced on Thursday that it had initiated the winding up procedure of its wholly owned subsidiary Mehran Energy Limited (MEL).
This was informed in a notice to the Pakistan Stock Exchange (PSX) today.
The notice further said that MEL was incorporated in 2016 with “paid up capital of Rs. 40,000,000, to setup 26.5 MW bagasse based high-pressure co-generation project”.
“However, the project was halted due to Central Power Purchasing Agency Guarantee (CPPA-G) denial to sign Implementation Agreement (IA) and Power Purchase Agreement (PPA).”
The mill was incorporated in Pakistan as a public limited company in 1965.
The principal activity of MRNS is the manufacturing and sale of sugar and its by-products.
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