First UDL Modaraba that the board of directors in its meeting held on 10-02-2022 has decided to evaluate possibilities for conversion of the Modaraba into a Public Limited Company subject to all requisite regulatory and legal approvals.
The withdrawal of tax exemption will have a negative impact on the profitability of the Modaraba.
The Chief Executive Officer and/or the Chief Financial Officer have been authorized to appoint the legal and financial consultants in this respect.
First UDL Modaraba was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and is managed by UDL Modaraba Management (Private) Limited. It is a perpetual, multipurpose and multidimensional Modaraba and is engaged in providing finance on Murabaha and Musharaka arrangements, Ijarah, commodity trading, manufacturing and trading of pharmaceutical products.