Karachi: In a significant development in Pakistan’s corporate sector, Big Bird Foods Limited (BBFL) is slated to commence trading on the Pakistan Stock Exchange (PSX) Main Board starting August 5, 2024. This follows the successful merger and amalgamation with MetaTech Trading Limited (META), as sanctioned by the Lahore High Court on June 26, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the merger, facilitated under a Scheme of Arrangement, will see META shareholders receiving 0.24 shares of BBFL for every META share they held. This strategic move aims to consolidate and strengthen BBFL’s market presence, particularly in the Food and Personal Care Products sector.

Trading of BBFL’s shares will begin at an opening price of PKR 51.28 each. This price was determined and verified by the company’s auditor and announced on July 23, 2024, via PUCARS. The transaction for these shares will be settled on a T+2 basis, with the first settlement date projected for August 7, 2024.

Furthermore, all transactions will be facilitated through the National Clearing Company of Pakistan Limited (NCCPL), which has designated BBFL under the company code/security symbol “BBFL”. This eligibility and the operational mechanics were confirmed by the Central Depository Company of Pakistan Limited (CDC), ensuring a smooth transition to the market.

The newly listed company will also feature in the PSX Daily Quotation under the Food and Personal Care Products category. For investor relations and share management, M/s Digital Custodian Company Limited has been appointed as the Share Registrar, maintaining its office at LSE Plaza in Lahore.

This merger not only signifies a significant reshaping of BBFL’s corporate structure but also concludes the trading activities of META, marking its final trading day on PSX as July 18, 2024. Following the entitlement date on July 22, 2024, META will dissolve without winding up, transferring all assets and undertakings to BBFL as part of the finalized merger agreement.