The Balochistan High Court in Quetta has approved a share restructuring arrangement involving Nova Frontiers Limited, Gatron Industries Limited, and Ghani & Tayyub (Private) Limited.
The arrangement allows the three companies to cancel, transfer, and issue shares under a court-approved Scheme of Arrangement.
The court approved the scheme under Section 279 of the Companies Act, 2017, through an order dated October 28, 2026.
Gatron Industries informed the Pakistan Stock Exchange about the development on November 11 after receiving the certified copy of the court order.
Gatron Shareholders to Receive Shares Under Exchange Deal
Under the approved arrangement, 31,895,139 fully paid ordinary shares of Gatron Industries currently held by Nova Frontiers will be cancelled and reissued to Nova’s outgoing shareholders.
The exchange will take place at a ratio of 8.13 Gatron shares for every share held by Nova’s outgoing shareholders.
Ghani & Tayyub’s shareholding in Nova Frontiers will be handled separately. The corresponding Gatron shares will be issued directly to Ghani & Tayyub’s shareholders according to their existing ownership proportions.
Nova Frontiers’ Share Capital to Be Reduced
The court has also approved the cancellation of 3,921,109 fully paid ordinary shares of Nova Frontiers held by its shareholders, including Ghani & Tayyub.
The cancellation will reduce Nova’s paid-up share capital and involve adjustments to its general reserves and accumulated profits.
Following the restructuring, Nova’s paid-up capital will stand at Rs. 96.65 million, divided into 9,664,574 ordinary shares with a face value of Rs. 10 each.
The arrangement also provides for the cancellation of 3,240,774 Gatron shares currently held by Ghani & Tayyub. An equivalent number of new Gatron shares will be issued directly to Ghani & Tayyub’s shareholders in proportion to their existing holdings.
Meanwhile, Nova Frontiers’ remaining shareholders will retain their existing shares in the company.
Nova Frontiers and Ghani & Tayyub will also continue operating their respective remaining businesses under the terms of the approved arrangement.
