Karachi: In a recent corporate maneuver approved by the High Court of Sindh at Karachi, Arif Habib Corporation Limited has completed the transfer of ordinary shares of Javedan Corporation Limited from Arif Habib Limited. According to the notice issued to the Pakistan Stock Exchange on October 22, 2024, the transfer is part of a Scheme of Arrangement concerning the demerger and amalgamation of non-core assets between the two entities.

The High Court sanctioned the Scheme, detailed under Sections 279 to 283 and 285 of the Companies Act, 2017, with an order dated October 21, 2024. The arrangement involves the merger of certain non-core business segments from Arif Habib Limited into Arif Habib Corporation Limited, the parent company.

As part of the Scheme, 16,037,490 ordinary shares of Javedan Corporation Limited, previously held by Arif Habib Limited, were transferred to Arif Habib Corporation Limited on October 24, 2024. This transaction increases Arif Habib Corporation Limited's total holdings to 150,533,107 ordinary shares, representing 39.52% of Javedan Corporation Limited's share capital.

According to information available from the Pakistan Stock Exchange (PSX), the transfer does not alter the overall shareholding position of the Arif Habib Group in Javedan Corporation Limited. The group, along with other stakeholders, continues to control over fifty percent of the shareholding in Javedan Corporation Limited, maintaining its substantial influence.

The completion of this share transfer aligns with the strategic restructuring efforts of the Arif Habib Group to streamline its operations and focus on core business areas. The company has informed the Pakistan Stock Exchange in compliance with regulatory requirements.