MEL, MTL confirm merger sanctioned by Lahore High Court

February 04, 2025 (MLN): Millat Equipment Limited (MEL) has been merged with Millat Tractors Limited (PSX: MTL) through a judgment passed by the Honourable Lahore High Court.

The Court has allowed the petition and sanctioned the Scheme of Arrangement for the amalgamation of MEL with MTL, along with related matters.

A certified true copy of the judgment, issued on February 04, 2025, is enclosed.

MTL will issue a total of 7.71 million ordinary shares to MEL shareholders, as per the Scheme of Arrangement.

These shareholders are those who own MEL shares, excluding MTL and its nominees, if any.

The shares will be credited or issued as fully paid-up at face value, the company's filing on PSX revealed today. 

The swap ratio for this issuance is set at 1 MTL ordinary share for every 2.13 MEL ordinary shares held by a shareholder.

The face value of each MEL share is Rs10/-.

This allotment is based on the record date and is subject to adjustments for any fractional shares.

The directors of MEL will set the record date to identify the MEL shareholders and determine their entitlements as per the Scheme of Arrangement.

The details will be provided to MTL at a later time.

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