First UDL Modaraba merges into UDLI

MG News | October 26, 2022 at 11:53 AM GMT+05:00

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October 26, 2022 (MLN): The certificate holders of First UDL Modaraba (PSX: FUDLM) on Wednesday unanimously approved the merger of the company with and into UDL International Limited (UDLI), the company filing on PSX showed today.

The certificate holders further resolved that the merger of FUDLM with and into UDLI and simultaneous hiving down of Diminishing Musharika portfolio to UFSL shall be pursuant to a Scheme of Arrangement to be filed under a petition for sanction by the High Court of Sindh at Karachi.

With the surviving entity being, UDLI will be procured to be listed on PSX under a direct listing process in lieu of amalgamation of FUDLM with and into UDLI.

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