Karachi: Azgard-9 has communicated an extension in the completion timeline for the sale of its Muzaffargarh Unit, including all associated plant equipment and installments. This extension shifts the deadline from September 30, 2024, to June 30, 2025.

According to information available from the Pakistan Stock Exchange (PSX), the decision was made by the Agent Banks of the Creditors overseeing the Creditors' Scheme of Arrangement. The extension is due to certain unavoidable circumstances that have not been detailed in the notice. The company's disclosure has been filed with the Securities and Exchange Commission of Pakistan (SECP) as required under Section 96 of the Securities Act, 2015, ensuring transparency and regulatory compliance.

This development follows ongoing communications regarding the Creditors' Scheme of Arrangement for the strategic disposal of the unit. Azgard-9's move to extend the sale transaction period reflects the complexities involved in managing large asset sales under such schemes.

The update was formally communicated to the Pakistan Stock Exchange by Muhammad Awais, the company secretary, in a letter dated October 3, 2024, ensuring that stakeholders are kept informed of significant changes in the transaction timeline.