March 17, 2023 (MLN): In a landmark decision, the Honorable Sindh High Court (SHC) has approved the Scheme of Arrangement for the merger/amalgamation of Awwal Modaraba with Awwal Corporate Restructuring Company Limited.
The order was passed on March 02, 2023, in J.C.M No. 09 of 2022, under sections 279 to 283 and 285 of the Companies Act 2017.
The merger is set to create a more diversified and resilient financial entity that will cater to the needs of a wider range of clients in Pakistan's growing economy.
Awwal Modaraba, managed by Awwal Modaraba Management Company, will merge with Awwal Corporate Restructuring Company Limited, resulting in a combined entity that will be better equipped to manage risk, provide superior services, and create value for shareholders.
The merger is a testament to the commitment of both companies to the growth and development of Pakistan's financial sector.
With the approval of the Honorable High Court of Sindh, the merger will move forward, paving the way for a new era of growth and prosperity in the country's financial landscape.
A certified copy of the court's order has been enclosed, signaling the completion of a rigorous process of legal scrutiny and due diligence.
The successful completion of this merger is expected to have a positive impact on the economy, as it will enable the combined entity to leverage its strengths and resources to meet the growing demand for financial products and services in Pakistan.
