Karachi: In a significant corporate restructuring, Safe Mix Concrete Limited has witnessed a transfer of shares following an order by the Honourable High Court of Sindh at Karachi. The transfer is a result of a Scheme of Arrangement between Arif Habib Corporation Limited and Arif Habib Limited, sanctioned by the court on October 21, 2024, under Sections 279 to 283 and 285 of the Companies Act, 2017.

According to the Material Information Disclosure made by both Arif Habib Limited and Arif Habib Corporation Limited to the Pakistan Stock Exchange on October 22, 2024, the Scheme involves the demerger of certain non-core businesses, including assets, liabilities, and obligations from Arif Habib Limited (AHL) and their subsequent merger into Arif Habib Corporation Limited (AHCL), the holding company of AHL.

Following the court's order, ordinary shares of Safe Mix Concrete Limited (SMCPL) held by AHL have been transferred to AHCL. The details of this transfer record 5,699,328 shares moved through the Central Depository Company (CDC) on October 24, 2024. As a result, AHL now holds zero ordinary shares in SMCPL, effectively representing no shareholding in the company.

According to information available from the Pakistan Stock Exchange (PSX), the transfer has not altered the overarching control of the Arif Habib Group in SMCPL. The group maintains control of over fifty percent of shareholding in the company, ensuring their influence remains intact.

Post-transfer, AHCL now possesses a total of 6,908,018 ordinary shares, which account for 27.63% of the shareholding in SMCPL. Despite this internal transfer within the group, the overall shareholding structure of the Arif Habib Group in SMCPL remains unchanged, as confirmed by the companies involved.

Both companies have advised that the necessary information has been communicated to the Stock Exchange as required by regulations.