KARACHI, May 27 In the ongoing merger of Nishat Apparel Limited (NAL) with and into Nishat Mills Limited (NML), the swap ratio has been determined at one share of Nishat Mills for every 19 shares held in Nishat Apparel.

NML, the single largest textile composite unit in the country, was in the process of taking into its fold, the NAL, an associated public limited company, engaged in the principal activity of manufacturing and selling garments.

Nishat Mills was looking forward to the NAL contribution to its profitability following the merger since the businesses of both companies were stated to be complementary to each other. The combination of activities and operations was expected to result in increased efficiency and financial strength of NML.

On Tuesday, the company announced the swap ratio at the KSE, along with report, which formed the basis of the calculation. According to the certifying chartered accountants, break-up value of each share in Nishat Mills worked out at as high as Rs99.82 due to the company's huge reserves at Rs24 billion and share capital at Rs1.6 billion. Break-up value of stock in Nishat Apparel amounted to Rs5.29.