Karachi September 28 2021: The Board of Directors of BIPL approved the merger of the company with AKD securities limited subject to obtaining all necessary shareholders’, creditors’ and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with fulfilment of related legal formalities.
AKD Securities Ltd. (“AKDSL”) shall be merged with and into the Company, against which 457,834,171 (Four Hundred Fifty Seven Million, Eight Hundred and Thirty Four Thousand, One Hundred and Seventy One) ordinary shares of the Company, having a face value of PKR 10/-(Pak Rupees Ten) each, shall be allotted and issued in aggregate by the Company to the shareholders of AKDSL, as fully paid up, on the basis of a swap ratio of 2.59 shares of the Company for every 1 (one) share of AKDSL held by each of the shareholders of AKDSL, in accordance with the provisions of the Scheme.
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The authorized capital of the Company, upon sanction of the Scheme, shall stand automatically increased from PKR 2,000,000,000/- (Pak Rupees Two Billion) to PKR 7,000,000,000/- (Pak Rupees Seven Billion), divided into 700,000,000 (Seven Hundred Million) shares of PKR 10/-(Pak Rupees Ten) each by merger of the existing authorized share capital of AKDSL and the Company and by virtue of an additional increase of Rs. 2,500,000,000/- (Pak Rupees Two Billion and Five Hundred Million) to accommodate the swap ratio.
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Upon sanction of the Scheme, the name of the surviving entity i.e. the Company shall be changed to “AKD Securities Ltd.”.
The Board of Directors approved the draft of the Scheme, subject to any changes and modifications as may be required by the shareholders of the Company or the Honorable High Court of Sindh and such amendments as may be considered necessary without affecting the substance thereof. Furthermore, the Board approved the Draft Valuation Report, issued by Yousuf Adil Chartered Accountants, which, inter alia, contains the valuations/calculations of the swap ratios. All of which, along with extracts of the Resolution passed by the Board of Directors in the aforesaid meeting shall be shared with the PSX in due course, after fulfillment of all legal formalities.
