Awwal Modaraba receives NOC for merger with ACRCL

MG News | April 15, 2022 at 12:04 PM GMT+05:00

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April 15, 2022 (MLN): Awwal Modaraba (PSX: AWWAL) has received NOC from Registrar Modarabas on the proposed merger of the company with and in to Awwal Corporation Restructuring Company Limited (ACRCL) subject to the approval of the Honourable Sindh High Court, the company filing on PSX showed today.

Pak Brunei Investment Company Limited, being the majority certificates holder of Awwal Modaraba (PSX: AWWAL) has expressly undertaken to buy the certificates from dissenting certificate holders at the rate higher than 12 months' average daily price reported by PSX preceding the date of the board meeting for approval of Swap Ration and Merger Scheme and book value per certificate.

To recall, the board of directors of AWWAL on March 11, 2022, had approved the draft scheme of Arrangement as per which the company shall be merged with and into the ACRCL, against which 114.097 million shares of ACRCL shall be issued to the certificate holder of AWWAL based on swap ratio of one share of ACRCL for every 0.876 certificates of AWWAL.

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