Agro Allianz (Private) Limited agreed to acquire Karim Cotton Mills Limited in a reverse merger transaction on February 28, 2015. Under the terms of the agreement Karim Cotton Mills will issues 21.6 million shares at an exchange ratio of 144 common shares to Agro Allianz. As a result of this issue, Agro Allianz shareholders shall obtain a majority stake in Karim Cotton Mills and is accounted for as a reverse acquisition or recapitalization of the Karim Cotton Mills. Post-acquisition Karim Cotton Mills will become a subsidiary of Agro Allianz and will discontinue all current operations, continuing operations of Karim Cotton Mills. The name of merged entity will stand simultaneously changed from Karim Cotton Mills Limited to Agro Allianz Limited with the sanction of the scheme by the High Court as all the activities of Agro Allianz Limited of import, export and trading are being conducted in the name and style of Agro Allianz Limited and this shall serve the principal object of the scheme. The Board of Directors of Karim after the merger will consist of Muhammad Idrees Haji Ebrahim, Sheikh Ali Baakza, Abdul Majeed Ghaziani, Muhammad Farrukh, Muhammad Zain Sardar, Saeed Uddin Hameed Uddin and Muhammad Arif Abdullah. As of June 30, 2014, Karim Cotton Mills reported net loss after tax of PKR 1.07 million and PKR 0.014 million, shareholders equity of negative PKR 2.91 million respectively. The transaction is subject to approval of shareholders of Karim and Agro Allianz. The transaction has been approved by the Board of Karim. As of March 6, 2015 Agro Allianz (Private) Limited received no objection certificate from Competition Commission of Pakistan. As on September 7, 2016, High Court of Sindh approved the merger. Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants acted as merger consultants for Karim and Agro Allianz. Agro Allianz (Private) Limited cancelled the acquisition of Karim Cotton Mills Limited in a reverse merger transaction on March 7, 2017.