Panama Petrochem Ltd has informed that the Board of Directors of the Company at its meeting held on April 14, 2008, has approved the draft Scheme of Arrangement being Composite Scheme of De-merger and Amalgamation for (a) De-merger of securities Investment business of Mobil Petrochem Pvt Ltd into Ittefaq Ice and Cold Storage Company Pvt Ltd; and (b) Amalgamation of Mobil Petrochem Pvt Ltd (after proposed de-merger) with Panama Petrochem Ltd. The following share exchange is approved for the proposed de merger/amalgamation:
1. De-merger of the securities in business of Mobil Petrochem Pvt Ltd into Ittefag Ice and Cold Storage Co. Pvt Ltd
- 1 equity share of Ittefaq Ice and Cold Storage Co. Pvt Ltd for every 6 equity shares held in Mobil Petrochem Pvt Ltd
2. Amalgamation of Mobil Petrochem Pvt Ltd with Panama Petrochem Ltd
- 1 equity share of Panama Petrochem Ltd for every 2 equity shares held in Mobil Petrochem Pvt Ltd
The decision of the Board of Directors is subject to subsequent approval of the Members of these Companies, concerned High Courts and other competent authorities, if any.
1. De-merger of the securities in business of Mobil Petrochem Pvt Ltd into Ittefag Ice and Cold Storage Co. Pvt Ltd
- 1 equity share of Ittefaq Ice and Cold Storage Co. Pvt Ltd for every 6 equity shares held in Mobil Petrochem Pvt Ltd
2. Amalgamation of Mobil Petrochem Pvt Ltd with Panama Petrochem Ltd
- 1 equity share of Panama Petrochem Ltd for every 2 equity shares held in Mobil Petrochem Pvt Ltd
The decision of the Board of Directors is subject to subsequent approval of the Members of these Companies, concerned High Courts and other competent authorities, if any.
No comments:
Post a Comment