Karachi, Cnergyico Pk Limited, a major player in the energy sector, has announced a significant restructuring plan following an Extraordinary General Meeting (EGM) held on March 26, 2024. The company disclosed that its shareholders approved a special resolution under Sections 279 and 282 of the Companies Act, 2017, for a comprehensive scheme of arrangement involving the bifurcation and merger of various segments of the company.
According to the resolution, Cnergyico Pk Limited will undergo a division into six distinct undertakings, which will then be amalgamated with several Bosicorco entities. Specifically, the ORB 1, ORB 2, OMB, OSB, and CPB Demerged Undertakings of Cnergyico Pk Limited will merge with Bosicorco ORB 1 (Private) Limited, Bosicorco ORB 2 (Private) Limited, Bosicorco OMB 1 (Private) Limited, Bosicorco OSB 2 (Private) Limited, and Bosicorco CPB 1 (Private) Limited, respectively. Additionally, Cnergyico Isomerate Pk (Private) Limited will merge entirely with Bosicorco ORB 2 (Private) Limited.
The resolution further authorized the Company Secretary to complete all necessary regulatory and secretarial formalities related to the restructuring. This decision is subject to approval and any conditions that may be imposed by the High Court of Sindh at Karachi.
This move marks a significant step in Cnergyico Pk Limited's strategy to streamline its operations and enhance its corporate structure. The restructuring is designed to optimize the company's assets and align its business segments more closely with strategic objectives.