The
The plebiscite which took place at the Court-Ordered General Meeting of the shareholders of the CCNN had 157 out of 170 accredited shareholders voting in favour of the resolution.
According to the Chairman of the CCNN,
'The report of the result of this meeting will be filed with the
'The shareholders of the merging entities are well positioned to benefit from the stronger position of the enlarged company due to greater economies of scale and enhanced operating and administrative efficiencies which are expected to accrue from the proposed merger,' he said.
According to the document which contains the benefits of the merger, '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.
'We expect the proposed merger to provide opportunities for significant cost savings and improved operational efficiencies by streamlining operations and optimizing 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'.
'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.
Approved.Received, thank you.Well received, thanks.
© Pakistan Press International, source