Sindh High Court approves AHL, AHCL demerger scheme with 0.8673 swap

MG News | October 22, 2024 at 11:35 AM GMT+05:00

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October 22, 2024 (MLN): The Honorable High Court of Sindh at Karachi has sanctioned a demerger Scheme for Arif Habib Limited (AHL), allowing the transfer of certain non-core businesses, including assets, liabilities, and obligations, to Arif Habib Corporation Limited (AHCL), its holding company.

This approval issued on October 21, 2024, in J.C.M. No. 31 of 2023, comes without any modifications following the endorsement by AHL shareholders, according to the company's filing on PSX.

As part of the Scheme, AHCL will allot ordinary shares to AHL shareholders based on a swap ratio of 0.8673 ordinary shares of AHCL for every 1 ordinary share of AHL held, with AHCL shares issued in addition to the existing AHL shares.

AHL will continue to operate its business as usual.

The record date for determining the identities and entitlements of AHL shareholders will be established by the directors of AHL in due course, with further details provided in line with the provisions of the Scheme.

Both AHL and AHCL are dedicated to keeping shareholders informed of all significant developments as the matter progresses.

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