KarachI: Ghani Chemical Industries Limited (GCIL) has decided to demerge its Calcium Carbide project and pursue a separate listing for the new entity on the Pakistan Stock Exchange (PSX). The decision was made during a board meeting held at the company's registered office on July 11, 2024.

The board resolved to carve out the Calcium Carbide and related products' project located at Hattar Special Economic Zone. The demerger will transfer the project at its fair value, determined by a registered valuer or a chartered accountants' firm, to a newly formed company. According to information available from the Pakistan Stock Exchange (PSX), this strategic move is aimed at enhancing operational efficiencies and shareholder value.

Further steps outlined by the board include appointing a consultant, legal counsel, and a valuer or accountants' firm to facilitate the demerger through a Scheme of Arrangement with GCIL shareholders. The company also plans to file a petition with the Lahore High Court for the sanction of the Scheme of Arrangement.

Additionally, the newly demerged company will be listed on the PSX, with shares allotted to the current shareholders of Ghani Chemical Industries Limited. A committee has also been formed to oversee the day-to-day implementation of these decisions on behalf of the Board of Directors.