Karachi: Sapphire Textile Mills Limited has officially confirmed the approval of its Scheme of Arrangement by the High Court of Sindh, signaling a major reorganization of its shareholdings. This approval, as part of the company’s ongoing corporate restructuring, was received on October 9, 2024, after being initially passed on October 7, 2024.

The Scheme of Arrangement, which relates to the corporate reorganization of a specific portion of the shareholdings of the company’s sponsors, was endorsed by the majority of the shareholders during an extraordinary general meeting held on December 27, 2022. This decision follows an initial disclosure made on November 29, 2022, indicating the company’s intent to pursue restructuring under the legal framework provided by Sections 279 to 282 and 285 of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the legal confirmation of this scheme aligns with Sections 96 and 131 of the Securities Act, 2015, as well as Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited. The court’s decision marks a significant step in the company’s strategic initiatives to reorganize its asset and shareholder structure to better align with its long-term business goals.

A certified copy of the court’s order has been made available, ensuring transparency and adherence to legal and regulatory requirements. This development is expected to impact the dynamics of shareholder relationships and could influence the market’s perception of Sapphire Textile Mills.

Stakeholders, including THE Certificate holders, have been advised of this development, ensuring that all relevant parties are updated on the significant changes occurring within the company’s corporate structure.