Lahore: Nishat Mills Limited has increased its stake in Nishat Chunian Power Limited (NCPL) to become a substantial shareholder, following a scheme of arrangement sanctioned by the Lahore High Court. According to the transaction details disclosed by the company, Nishat Mills Limited acquired 63,090,422 shares of NCPL, bringing its total shareholding to 88,627,993 shares, which constitutes 24.13% of NCPL's total issued voting shares.

The transaction, dated November 8, 2024, was part of a court-approved scheme of arrangement and involved the transfer of shares from Mr. Shahzad Saleem. The shares were received through the Central Depository Company (CDC), as indicated in the filing with the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the transaction has been executed in compliance with the regulations, and will be presented in the upcoming board meeting for consideration. The company also confirmed that the holding period for the transaction extends beyond six months. Should any profit arise from transactions within six months, a cheque equivalent to the profit will be deposited with the Securities and Exchange Commission of Pakistan (SECP), in accordance with Section 105 of the Securities Act, 2015, with intimation to PSX.