May 25, 2023 (MLN): Sindh High Court has granted permission to proceed with the case pertaining to the merger of First UDL Modaraba (PSX: FUDLM), UDL International Limited, and UDL Financial Services Limited, the company’s filing on PSX showed today.
The Court's approval came in response to the Petition bearing JCM No. 10 of 2023, which was admitted and brought before the Court for urgent hearing on May 12, 2023.
The purpose of the hearing was to seek approval for convening separate meetings of the members of the aforementioned entities to consider and approve the proposed Scheme for Merger.
This was previously issued a No Objection by the Securities and Exchange Commission of Pakistan (SECP).
The Scheme involves the amalgamation of FUDLM with UDL International Limited, resulting in the dissolution of the modaraba without winding up.
Additionally, UDL International will hive down its Diminishing Musharika portfolio to its wholly owned subsidiary, UDL Financial Services Limited.
Further developments regarding the merger will be communicated to the Pakistan Stock Exchange, SECP, certificate holders, and other stakeholders.
Certificate Capital Structure of the three companies