First UDL Modaraba to merge fully with UDLI

MG News | October 17, 2022 at 03:13 PM GMT+05:00

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October 17, 2022 (MLN): The board of First UDL Modaraba’s (FUDLM) on Monday approved the conversion of FUDLM into a company by way of a merger with and into UDL International Limited (UDLI), the company’s filings on the stock exchange showed on Monday.

The board has also approved and confirmed the draft of the Scheme of Arrangement that is to be sent to the Securities and Exchange Commission of Pakistan (SECP) for its consideration and approval.

For the purposes of the Scheme of Arrangement, the board also approved to apply for a grant of a no-objection certificate by the SECP, for the incorporation of the Investment Financial Services company as a wholly owned subsidiary of UDLI.

The swap ratio would be 1:1 that is for every certificate of FUDLM 1 share of UDLI would be issued to the certificate holders of UDL Modaraba, the filing added.

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