Lahore, May 08, 2019 (PPI-OT): The board of directors of Fazal Weaving Mills Limited (Fazal Weaving) and Fazal Cloth Mills Limited (Fazal Cloth) – the parent company – have agreed upon the merger of Fazal Weaving with and into Fazal Cloth. Fazal weaving is a wholly owned (100%) subsidiary of Fazal Cloth. Currently, the transaction is in process of completion.
Most of the approvals have already been acquired and the process is in final stage. Post merger, all assets and liabilities of the Company will be transferred to Fazal Cloth. The merger is expected to conclude by end-Jun 2019. Considering these developments, PACRA has placed the entity ratings of Fazal Weaving on ‘Rating Watch – Developing’.
For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com