Karachi: Haji Mohammad Ismail Mills Limited has announced the approval of a Draft Scheme of Arrangement for a merger with Sego Pakistan (Private) Limited, a significant move pending shareholder approval and legal permissions. The announcement was made following a board meeting held on November 3, 2026. The merger involves the amalgamation of Sego Pakistan's entire undertaking into Haji Mohammad Ismail Mills Limited.

According to the approved Scheme, the merger will be executed through the issuance of 244,831,768 ordinary shares of Haji Mohammad Ismail Mills Limited, valued at Rs. 10 each, to the shareholders of Sego Pakistan. This issuance will be based on a swap ratio of 1.0875 ordinary shares of Haji Mohammad Ismail Mills Limited for every 1 ordinary share of Sego Pakistan. Following the merger, Sego Pakistan will dissolve without winding up, and its shares will be cancelled.

The Scheme also includes a change in the company's name to Sego Pakistan Limited and a shift in its principal business line to focus on the mobile phone and telecommunications sector. This transition will involve assembling, manufacturing, importing, exporting, and distributing mobile phones, their parts, accessories, and related electronic equipment, along with providing after-sales services.

According to information available from the Pakistan Stock Exchange (PSX), the merger is contingent upon the approval of the Honorable High Court of Sindh at Karachi, and all necessary legal requirements must be fulfilled. A joint petition concerning the Scheme will be submitted to the court, with an effective date set for July 1, 2026.

The plan will also be circulated among the shareholders and the Pakistan Stock Exchange Limited, subject to the court's directions and orders.