KARACHI: Azgard Nine Limited (ANL) announced on Wednesday that its Agent Banks of Creditors have finalized and approved the sale of lands related to its FPR unit, which includes all plants, equipment and instalments at a price of Rs 825 million.
In a notice on the PSX website, it said, “The company, on the demand of Agent Banks of Creditors, has therefore executed sale agreement/deeds for its FPR unit on December 29, 2020.”
This was a measure enforced by the Lahore High Court as it had previously announced that the company was required to sell two units as a security enforcement measure for the restructuring of its liabilities.
The company claims that the sale of said FPR unit will not affect production capacity, as it has arranged sufficient production facilities to cater to its business requirements. Azgard Nine Limited opened at Rs 26.60 on Wednesday and trading was halted at Rs 28.24.
However, it is still uncertain how the market reacts to this news in the long term.