ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval for the merger of a listed company, M/s First UDL Modaraba, with a public unlisted company, M/s UDL International Limited. The merger approval will lead to the listing of the previously unlisted company on the Pakistan Stock Exchange.
The merger reflects the growing confidence of the corporate sector in the Pakistan Stock Exchange. It also comes at a time when the KSE-100 index surpasses the 64,000-point mark.
Established under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, First UDL Modaraba has a registered office located in Karachi. UDL International Limited, also headquartered in Karachi, engages in diverse activities such as sale, purchase, import and export, general trading, and the supply of general orders and commodity products.
After merging, UDLIL shall transfer the Musharika portfolio of the FUDLM to its wholly owned subsidiary, M/s UDL Financial Services Limited (“UDLFSL”).
The phase 1 review of the merger application determined that the proposed transaction will not result in the dominance of UDL International Limited in the relevant market post-transaction. Therefore, the merger was officially authorized.
This merger marks a positive step in the corporate landscape and is poised to contribute to the continued growth and stability of the entities involved.
Copyright Business Recorder, 2023
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