DLL issues over 23 million shares following court-sanctioned amalgamation

March 17, 2026 (MLN): Dawood Lawrencepur Limited (PSX:DLL) has issued 23,741,938 new ordinary shares to the shareholders of Cyan Limited and DH Partners Limited (DHPL) following the completion of a court-approved Scheme of Arrangement, dissolving both companies and absorbing them into DLL.

Allotment and issuance was done at an aggregate of 4,492,214 and 19,249,724 ordinary shares of the Company (the "DLL Shares") to the eligible shareholders of Cyan and DHPL (other than the Company) respectively.

The merger, sanctioned by the Islamabad High Court on February 12, 2026, marks the formal amalgamation of Cyan and DHPL with and into Dawood Lawrencepur.

Under the share swap ratios set out in the Scheme, eligible Cyan shareholders received 7.2974 DLL shares for every 100 Cyan shares held, while DHPL shareholders received 4.7724 DLL shares for every 100 DHPL shares held, calculated on the basis of shareholding as of March 13, 2026  the final book closure date for both companies.

Shares have been credited in book-entry form to eligible shareholders through the Central Depository System of CDC Pakistan. Physical share certificates are available for collection from CDC Share Registrar Services Limited at CDC House, 99-B, Block-B, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi, in exchange for previously held Cyan and DHPL shares.

Any fractional entitlements will be aggregated, sold in the open market, and the proceeds distributed to entitled shareholders proportionately.

As a result of the share issuance, DLL's paid-up share capital has risen from Rs592,998,090 comprising 59,299,809 shares to Rs800,766,520, comprising 80,076,652 ordinary shares of Rs10 each.

An Auditor's Certificate confirming the capital increase has been filed alongside the disclosure.

Pursuant to the Scheme, both Cyan Limited and DH Partners Limited stand dissolved without winding up and have been automatically de-listed from the Pakistan Stock Exchange.

The aforementioned information was disseminated through a notification to Exchange.

Copyright Mettis Link News