Authorities at the
The NSE stated that the suspension was to prevent trading in the shares of CCNN beyond the effective date for its merger with
The effective date is the day the Certified True Copy (CTC) of the court sanction of the merger will be registered with the
Shareholders of CCNN had earlier this month at the court-ordered general meeting in
Chairman,
According to him, the proposed merger will increase the production capacity of the enlarged company to 8 million MTPA. It is anticipated that in addition to meeting the demand from customers in the core regions in the country, the enlarged company would be positioned to distribute its products in new geographical markets, creating the potential for additional shareholder value creation.
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'We expect the proposed merger to provide opportunities for significant cost savings and improved operational efficiencies by streamlining operations and optimising the use of combined resources. It will also provide a platform where the enlarged company benefits from economies of scale in procurement, distribution and manufacturing of the products offered to customers,' Rabiu said.
He added that shareholders of the merging entities will become shareholders of a larger and highly profitable entity, as synergies created as a result of the merger will create additional value for shareholders.
According to him, the enlarged company will create a platform for further investment that will have a positive impact on the communities where the operations of the companies are present as well as for the economy as a whole,' he said.
© Pakistan Press International, source