Awwal Modaraba plans to merge with CRC

MG News | November 23, 2021 at 09:53 AM GMT+05:00

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November 23, 2021 (MLN): The Awwal Modaraba Management Company intends to merge Awwal Modaraba with a Corporate Restructuring Company (CRC) which is to be established by Pak Brunei Investment Company Limited (PBIC) as its wholly-owned subsidiary, the company informed through a notice to Pakistan Stock Exchange on Monday.

At present, PBIC, directly and indirectly, owns around 99.7% of the total certificate capital of Awwal Modaraba.

The new entity (CRC) will be undertaking business activities prescribed under the Corporate Restructuring Companies Act, 2016 and CRC Rules 2019 issued by SECP as well as guidelines issued by SBP for such companies.

This arrangement will be subject to the completion of necessary corporate and regulatory formalities and approvals from all stakeholders/regulators.

To note, the company on Oct 26, 2021, had resolved in principle to merge all modarabas under the management of Awwal Modaraba Management Limited (AMML).

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