Karachi: Dawood Lawrencepur Limited (DLL) has commenced the issuance of shares to the shareholders of Cyan Limited and DH Partners Limited, marking a significant step in the implementation of a court-approved Scheme of Arrangement. This follows the Islamabad High Court’s sanction order dated February 12, 2026, which approved the amalgamation of Cyan Limited and DH Partners Limited with and into DLL under Sections 279 to 283 and 285(8) of the Companies Act, 2017.

As of March 17, 2026, the share distribution process is underway, whereby DLL is issuing 7.2974 shares for every 100 ordinary shares of Cyan Limited and 4.7724 shares for every 100 ordinary shares of DH Partners Limited. This allocation is part of the terms prescribed in the Scheme, including the management of fractional entitlements.

The Board of Directors of DLL has authorized the issuance of a total of 4,492,214 and 19,249,724 ordinary shares to the eligible shareholders of Cyan and DH Partners, respectively. This issuance is based on the swap ratios as of the final book closure date of March 13, 2026. The shares, in book-entry form, have been credited to shareholders’ accounts in the Central Depository System (CDS) of the Central Depository Company of Pakistan Limited. Physical certificates are available for collection from the company’s share registrar in Karachi.

According to information available from the Pakistan Stock Exchange (PSX), the issuance of these shares has resulted in an increase in the issued and paid-up share capital of DLL from PKR 592,998,090 to PKR 800,766,520. The issued shares are valued at PKR 10 each, translating into a total of 80,076,652 ordinary shares.

With the completion of the share issuance, Cyan Limited and DH Partners Limited will be dissolved without winding up and subsequently delisted from the Pakistan Stock Exchange. Notices about this development will be published in local dailies, Business Recorder and Nawai Waqt, on March 18, 2026.

The statutory auditor has provided a certificate confirming the revised paid-up capital, ensuring compliance with the legal requirements of the Scheme. The auditor’s verification included tracing capital amounts and share swap ratios, confirming compliance with the Companies Act, and ensuring that all conditions imposed by the court have been satisfied.

This development positions DLL as the surviving entity post-amalgamation, absorbing the assets, liabilities, and obligations of the merging companies as a continuing concern.