META to transfer health business to Modaraba Al-Mali against Rs8.9mn

MG News | March 24, 2023 at 12:14 PM GMT+05:00

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March 24, 2023 (MLN): The shareholders of MetaTech Health Limited (PSX: META) on Friday resolved to dispose of / transfer the ‘Health Care Business’ with related tangible and intangible assets and liabilities to Modaraba Al-Mali against the consideration of Rs8.9 million, the company's filing on PSX revealed today.

Accordingly, the Chief Executive of the company is authorized to determine the actual amount as of the effective date of transfer i.e., March 24, 2023, as a consideration of the aforementioned transfer of the Business to Modaraba Al-Mali.

It was also resolved to transfer/dispose of the equity investment of Rs300mn in the shares of Ensmile Limited (for 1/3rd equity stake) to Modaraba Ali-Mali and also to transfer the related liability of Rs300mn payables to Modaraba Al-Mali.

Moreover, the name of the company be and is hereby changed from MetaTech Health Limited to the proposed name of “MetaTech Limited”, subject to the availability of the name from SECP.

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