KARACHI, Jan 17: Kohinoor Textile Mills Limited has announced swap ratios for merger of other two group units with the company.

Shareholders in Kohinoor (Gujar Khan) Mills Limited (KGM) will receive one share in Kohinoor Textile Mills (KTM) for 3.422 shares held in their company, while shareholders in Kohinoor Raiwind Mills Limited (KRM) would get 2.326 shares in Kohinoor Textile for each share held in Kohinoor Raiwind Mills.

The swap ratios have been calculated by the company auditor, Riaz Ahmed & Company, on the basis of audited accounts of the three companies on September 30, 2001 and the weekly quotations of the KSE.

According to the calculations, equity of the three companies — KTM, KGM and KRM — stood at Rs962 million, Rs37 and Rs525 million, respectively. With the outstanding shares at 53 million, 9.5 and 14 million, respectively, the break-up value of shares of the three companies worked out at Rs18.05, Rs3.86 and Rs37.53.

To the break-up value was added the average of weekly quotation of the three companies, at Rs7.24, Rs3.53 and Rs21.29.

Dividing the product by two, the average price of the share of Kohinoor Textile Mills worked out at Rs12.64, Kohinoor (Gujar Khan) at Rs3.70 and Kohinoor Raiwind Mills Rs29.41. Those values provided the basis for the determination of the above swap ratios.