Lahore: On September 30, 2024, significant shifts occurred in Lahore's corporate scene as Saritow Spinning Mills Limited (SSML) and Kohinoor Power Company Limited (KPCL) announced the cancellation of their planned merger. This decision came alongside the approval of an annual financial budget by the board of an unnamed company for the fiscal year 2024-25.

The unnamed company's board convened to endorse the budget, aiming to solidify its financial strategy for the upcoming year, reflecting its adaptive measures to foreseeable economic conditions.

Simultaneously, the boards of SSML and KPCL, in their respective meetings, resolved to retract their earlier agreement to merge. According to information available from the Pakistan Stock Exchange (PSX), the decision followed an in-depth review of the harsh economic environment and SSML's cessation of production since February 2024. The anticipated benefits of the amalgamation into KPCL were concluded to be no longer viable under the challenging economic circumstances.

Both companies have conveyed their gratitude to shareholders for their support and reiterated their intention to evaluate other strategic alternatives moving forward. This update has been communicated to the TRE Certificate Holders of the Exchange to ensure all stakeholders are informed of these crucial changes.