Back to news
‘Transaction being executed’: Sapphire Fibres advances with acquisition of 50% shares in UCH, UCH-II
@Source: brecorder.com
Textile manufacturer Sapphire Fibres Limited (SFL) advanced on Wednesday with acquisition of 50% shares in UCH Power (Private) Limited and UCH-II Power (Private) Limited, announcing that the transaction was being executed, including the transfer of shares in the name of SFL.
The listed company - a manufacturer of yarn, fabric and garments - shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
In July 2024, SFL entered into an agreement with UPLHC I Limited and UPLHC II Limited; both companies incorporated in United Arab Emirates (UAE), to acquire 50% shares of UCH Power (Private) Limited that is fully owned by UPLHC I Limited and UPLHC II Limited.
SFL informed that its consortium partner had signed similar agreement to acquire the remaining 50% shares of UCH Power (Private) Limited.
Similarly, SFL had also entered into an agreement with International Power UCH Holdings B.V, a company incorporated in the Netherlands, to acquire 50% shares of UCH-II Power (Private) Limited, which is fully owned by International Power UCH Holdings B.V.
SFL in its notice in July 2024 had informed that the completion of the proposed transactions contemplated in the agreements had been subject to the satisfaction of conditions stipulated in the said agreements and receipt of requisite approvals.
Related News
25 Mar, 2025
Mizoram to groom athletes for 2036 Olymp . . .
15 May, 2025
Sha'Carri Richardson flaunts $3,500 Vale . . .
19 May, 2025
As interest in combat sport grows, athle . . .
21 May, 2025
Rory McIlroy poses with rival fans in Bi . . .
19 Mar, 2025
Here’s why Meghan Markle is facing backl . . .
06 Apr, 2025
Live: Olympian to debut for Storm as Hug . . .
17 Apr, 2025
Haynes appointed to ICC Men’s Cricket Co . . .
01 May, 2025
Australian cricket great David Boon has . . .