Karachi November 17 2023: Arif Habib Limited Board of Directors has authorized AHCL to enter into an arrangement with its subsidiary, Arif Habib Limited (AHL), in terms of a Scheme of Arrangement (Scheme) under Sections of the company act involving the demerger of certain non-core business, including assets, liabilities and obligations, from AHL, and merger / amalgamation of the sarne with and into AHCL, constituting a corporate restructuring of the said companies and their members, along with all
ancillary matters (the Proposed Arrangement).
ln consideration of the Proposed Arrangement, it is proposed that shares of AHCL will be issued to the shareholders of AHL (other than AHCL itself) on the basis of a swap ratio of O.8673 ; i.e. 86.73 ordinary shares of AHCL will be issued for every 100 ordinary shares of AHL held by each AHL Shareholder at the time (other than AHCL itself), in accordance with the Scheme.
The above shall be subject to completion of necessary corporate and regulatory formalities, including obtaining requisite approvals from the relevant stakeholders / regulators, in accordance with the applicable laws, and sanction of the Scheme by the High Court of Sindh at Karachi, for which purposes the Board has, inter alia, authorized AHCL to file a petition with the High Court.
The Scheme will be circulated to the PSX and the shareholders in due course subject to directions / order of High Court and in accordance with applicable laws. AHCL shall keep the shareholders apprised of all significant developments as and when the matter progresses further.
