On 31 July 2019, the Lahore High Court sanctioned Azgard Nine Limited's Creditors' Scheme of Arrangement. The scheme set the framework for restructuring the company's liabilities and was a key step towards a stronger balance sheet.
The company kept the market informed. A certified copy of the Court's judgment was delivered to the Pakistan Stock Exchange on 9 August 2019, followed by a certified copy of the scheme on 16 October 2019. The business kept growing through the process: net sales for the year to 30 June 2019 rose 26 percent to Rs20.2 billion. The scheme was implemented on 29 April 2021.
Key facts
- Sanctioned31 July 2019, Lahore High Court
- Disclosed to PSXjudgment on 9 August 2019; scheme on 16 October 2019
- FY2019 net salesRs20,215 million, up 26%
- Implemented29 April 2021
A stronger financial footing lets Azgard9 focus on what its brand partners need: reliable, responsible denim.
