September 18, 2023 (MLN): The shareholders of Systems Limited (PSX: SYS) have resolved that specific undertakings as envisaged in the Transferred Assets scheme, will be separated from SYS and combined with Systems Ventures (Private) Limited through a process known as amalgamation, company's filing on the local bourse revealed today.
Simultaneously, SVPL shall issue shares to the company in consideration and in exchange for the Transferred Assets in accordance with the terms defined and further detailed in the Scheme.
This decision is subject to any changes or conditions that the Lahore High Court might require, and it needs approval from the Lahore High Court, following the rules of the Companies Act, 2017.
The above-mentioned agenda was discussed and approved in the company's Extraordinary General Meeting held on Monday, 18 September 2023.
SYS is principally engaged in the business of software development, trading of software, and business process outsourcing services.
It is important to mention that SYS was awarded the title of the most outstanding company in Pakistan at the Asiamoney Awards 2023.
Furthermore, the company secured the position as the most outstanding company in Pakistan's Information Technology sector and was acknowledged as an outstanding company for ESG by the Pakistani market.
At the time of writing, the company’s share is being traded at Rs434, up by Rs1.73 or 0.40% compared to the previous close.
