NIB acquisition: Scheme of Amalgamation approved by MCB shareholders

The shareholders of MCB Bank Limited at their extra-ordinary meeting held recently have unanimously approved and adopted the Scheme of Amalgamation of NIB Bank Limited (NIB) with and into MCB by way of amalgamation/merger of NIB with and into MCB through a share swap arrangement.
According to material information sent to Pakistan Stock Exchange on Tuesday, the shareholders of MCB have also unanimously approved the swap ratio of one (01) new ordinary share of MCB for every 140.043 shares of NIB for the Scheme of Amalgamation which means that every person who, on the effective date (as defined in the Scheme of Amalgamation), stands registered as the holder of any share of NIB shall be entitled to receive one (01) new ordinary share of MCB for every 140.043 shares of NIB held by him.
The above decisions of the shareholders of MCB are subject to, amongst others, the (a) sanction of the State Bank of Pakistan; (b) approval of the Competition Commission of Pakistan; and (c) receipt of other requisite regulatory authorisations, consents and approvals.