Karachi: Dadex Eternit Limited has announced plans to extend the timeline for the sale of its Karachi Factory, including land, building, plant, and machinery, to improve its financial structure and provide liquidity for new business opportunities. The decision was disclosed during the company’s 65th Annual General Meeting notice, emphasizing the strategic move to extend the sale completion date from October 28, 2024, to October 27, 2025.
According to information available from the Pakistan Stock Exchange (PSX), this extension aims to address the prolonged financial and statutory intricacies involved in the transaction, which were initially underestimated. The company’s board seeks shareholder approval for the revised timeline, which will allow for the thorough completion of necessary documentation and the acquisition of pertinent approvals.
The Karachi Factory, pivotal in Dadex’s manufacturing operations, had been earmarked for sale as part of a broader strategy to alleviate the company’s debt burden and revitalize its financial standing. The proposed extension is also set to accommodate further due diligence and secure the best possible terms in the interest of stakeholders and the company’s long-term financial health.
The resolution for the extension will be voted on during the forthcoming annual general meeting, where shareholders are encouraged to participate in this significant decision that will shape the company’s future operational and financial strategies.