Three PSX giants DLL, Cyan, and DHPL unite in strategic merger

December 16, 2025 (MLN): Three listed companies on the Pakistan Stock Exchange are pursuing a significant corporate restructuring through a scheme of arrangement that will consolidate their operations into a single entity.

Dawood Lawrencepur Limited (PSX: DLL), Cyan Limited (PSX: CYAN), and DH Partners Limited (PSX: DHPL) have received board approval for their amalgamation. The boards of all three companies granted approval on December 15, 2025.

Under the approved scheme, DLL will issue shares to shareholders of DHPL and Cyan based on specific exchange ratios, according to the company's statement issued today.

DHPL shareholders will receive 4.7724 ordinary shares of DLL for every 100 ordinary shares of DHPL, while Cyan shareholders will receive 7.2974 ordinary shares of DLL for every 100 ordinary shares of Cyan.

These swap ratios were determined based on audited special purpose financial statements for the period ending October 31, 2025.

The assessment also incorporated valuations of immovable properties conducted by external independent valuers, along with calculations carried out by an independent financial advisor jointly appointed by the companies.

The merger is designed to consolidate entities engaged in substantially similar business activities into a single listed platform, enabling unified strategic direction and operational structure.

The companies expect to align overlapping business models while strengthening the balance sheet of the surviving entity through an enhanced equity base and a more diversified pool of assets.

The integration of governance systems, controls, and decision-making processes is expected to streamline oversight and create a more efficient governance framework.

Management anticipates cost efficiencies through elimination of duplicative functions, reduced administrative and regulatory expenses, and improved resource utilization.

The proposed amalgamation remains subject to corporate and regulatory approvals and requires sanction by the Honorable Islamabad High Court before it can be implemented.

The transaction represents one of the notable corporate restructuring initiatives in Pakistan's capital markets for 2025, as companies seek to optimize their corporate structures and enhance operational efficiency in a competitive business environment.

At the time of writing, shares of the three companies showed significant volatility following Cyan Limited (PSX: CYAN) traded at Rs. 57.50, up Rs. 3.64 or 6.76%.

Dawood Lawrencepur Limited (PSX: DLL) surged to Rs. 698.68, gaining Rs. 63.52 or 10.00%.

DH Partners Limited (PSX: DHPL) declined to Rs. 55.02, down Rs. 6.11 or 9.99%.

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