Lahore: In a significant corporate development, Nishat Mills Limited has announced the acquisition of 63.09 million shares of Nishat Chunian Power Limited from Mr. Shahzad Saleem. This transaction is part of a Scheme of Arrangement approved and sanctioned by the Lahore High Court, as disclosed in a recent communication from the company.

The exchange was finalized on November 8, 2024, as per the company's letter No. NML/PSX/1175. Nishat Mills Limited received the shares of Nishat Chunian Power Limited in exchange for 32.68 million shares of Nishat Chunian Limited. This strategic move effectively increases Nishat Mills Limited’s total shareholding in Nishat Chunian Power Limited to 88.63 million shares.

According to information available from the Pakistan Stock Exchange (PSX), this holding now represents 24.13% of the total issued voting shares of Nishat Chunian Power Limited. As a result, Nishat Mills Limited now holds no shares in Nishat Chunian Limited following the completion of the Scheme of Arrangement.

The Scheme of Arrangement, which was sanctioned by the Lahore High Court in Civil Original No. 42288 of 2024, outlines the terms of the share exchange between the entities. This move marks a shift in the shareholding structure of Nishat Mills Limited, impacting its investment portfolio and positioning within the power sector.