KASB Modaraba to merge with First Prudential Modaraba

MG News | March 11, 2022 at 04:08 PM GMT+05:00

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March 11, 2022 (MLN): The Board of Directors of Awwal Modaraba Management Limited in a meeting held today, has approved the draft Scheme of Arrangement wherein KASB Modaraba (KASB) shall be merged with and into the First Prudential Modaraba (FPRM), against which more than 29.6 million certificates of FPRM shall be issued to the certificate holders of KASB.

According to the notice sent by KASB, this merger is based on a swap ratio of 1 certificate of FPRM for every 1.62 certificates of KASB.

However, it is subject to obtaining all necessary certificate holders’, creditors’ and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with the fulfillment of related legal formalities.

In terms of the scheme, inter alia; First Pak Modaraba ("FPM") shall be merged with and into FPRM, against which 12,573,273 certificates of FPRM shall be issued to the certificate holders of FPM based on a swap ratio of 1 certificate of FPRM for every 0.997 certificates of FPM;

Furthermore, the board approved the draft valuation report, issued by Crowe Hussain Chaudhry & Co. Chartered Accountants, which, inter alia, contains the valuations I calculations of the swap ratios.

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