Sapphire Fibres Issues New Shares for Reliance Cotton With Merger Nearly Done

Sapphire Fibres Limited has issued 1.32 million new shares as part of its merger arrangement with Reliance Cotton Spinning Mills, in a notice to the Pakistan Stock Exchange.

The shares were credited to shareholders on April 24, 2026, following the approved share swap under the merger plan.

Under the agreement, shareholders received 0.40 shares of Sapphire Fibres for every one share of Reliance Cotton Spinning Mills. As part of the process, shares of Reliance Cotton Spinning Mills have been removed from the Central Depository System.

After the issuance, the total paid up capital of Sapphire Fibres now stands at 24.87 million shares.

The development marks a key step in completing the merger, which has been under process since 2025 as part of a broader restructuring within the textile group.

The merger involves the absorption of Reliance Cotton Spinning Mills into Sapphire Fibres, with the former expected to be dissolved without winding up after completion of all legal and regulatory requirements.

Sapphire Fibres, part of the broader Sapphire Group, operates in yarn, fabric, and garment manufacturing, and the merger is expected to streamline operations and enhance scale within the group’s spinning business