Millat Tractors Limited (PSX: MTL) Tuesday announced that Lahore High Court (LHC) has sanctioned the Scheme of Arrangement for the merger, by way of amalgamation, of Millat Equipment Limited (MEL) with and into Millat Tractors Limited (MTL) along with ancillary matters thereto.
The Lahore High Court, Lahore through its judgment passed in Civil Original No.30220/24 has allowed the petition and, inter alia, sanctioned the Scheme of Arrangement for the merger, by way of amalgamation, of MEL with and into MTL along with ancillary matters thereto, the company said in a notice to the Pakistan Stock Exchange (PSX).
As per the Scheme of Arrangement, and in consideration of the arrangement thereunder, MTL shall allot and issue an aggregate of 7,717,718 ordinary shares to the MEL shareholders (i.e., being the shareholders of MEL other than MTL and its nominees, if any), credited /issued as fully paid up, at par, on the basis of a swap ratio of 1 (one) MTL ordinary share for every 2.13 ordinary shares of MEL, of the face value of Rs.10/-, held by each shareholder of MEL as on the record date subject to adjustment of fractional shares.
The directors of MEL will fix the record date to determine the identities and entitlements of the MEL shareholders according to the Scheme of Arrangement and the details will be provided to MTL subsequently, the notice said.
