Gatron Restructuring: Balochistan High Court Approves Corporate Scheme

The Balochistan High Court has approved a corporate restructuring scheme involving Gatron (Industries) Limited, Nova Frontiers Limited and Ghani & Tayub (Private) Limited, allowing changes to their shareholding arrangements through share cancellations and fresh issuances.

In a disclosure to the Pakistan Stock Exchange (PSX) on Thursday, Gatron said the court approved the scheme under Section 279 of the Companies Act, 2017. The order was issued on October 28, 2026, and received by the company on November 11.

Under the approved arrangement, 31.90 million Gatron shares held by Nova Frontiers will be cancelled. An equivalent number of new Gatron shares will be issued to Nova Frontiers’ outgoing shareholders, including shares issued directly to Ghani & Tayub against its shareholding in Nova Frontiers.

The exchange will take place at a ratio of 8.13 Gatron shares for every Nova Frontiers share held by the outgoing shareholders.

The scheme also provides for the cancellation of 3.24 million Gatron shares held by Ghani & Tayub, followed by the issuance of an equivalent number of new shares directly to Ghani & Tayub’s shareholders in proportion to their existing holdings.

Separately, approximately 3.92 million Nova Frontiers shares will be cancelled, reducing the company’s paid-up capital from Rs96.65 million to Rs9.66 million.

The court directed that Nova Frontiers’ remaining shareholders retain their holdings in accordance with the approved scheme. Nova Frontiers and Ghani & Tayub will also continue to own and operate their respective remaining undertakings.

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The restructuring requires the relevant share transfers, cancellations and new issuances to be processed through the Central Depository System.

The court noted that the Securities and Exchange Commission of Pakistan had raised no objection to the arrangement. It also confirmed that the companies had completed the required corporate formalities before the scheme’s approval.