The Board of Directors of Chashma Sugar Mills Limited (CHAS), one of the largest sugar mills in the country, has approved the amalgamation of the company with its wholly-owned subsidiary, Ultimate Whole Foods (Private) Limited.
The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“We are pleased to inform that the Board of Directors has approved the “scheme” of amalgamation with the company’s wholly-owned subsidiary, Ultimate Whole Foods (Private) Limited.
“The amalgamation application containing scheme of amalgamation has been submitted to the Securities and Exchange Commission of Pakistan (SECP) for approval, and the amalgamation process has formally commenced,” read the notice.
Chashma Sugar Mills to set up ethanol manufacturing facility
The company shared that the proposed effective date of the amalgamation is June 10, 2025.
“This strategic move is expected to streamline operations, improve administrative efficiency and strengthen the group’s financial and operational position in the long term,” it added.
At the time of filing, Chashma Sugar’s share price was hovering at Rs74, an increase of Rs4 or 5.71%.
CHAS is principally engaged in manufacturing, production, processing, compounding, preparation and sale of sugar, other allied compounds, intermediates and allied products.
The company is a subsidiary of The Premier Sugar Mills and Distillery Company Limited.
Comments
Comments are closed for this article.