Karachi, First UDL Modaraba informed Pakistan Stock Exchange that the Board of Directors in its meeting held on October 17, 2022 has approved the detailed structure for conversion of First UDL Modaraba into a company by way of Merger with and into UDL International Limited (“UDLI”).
The Board has also approved and confirmed the draft of the Scheme of Arrangement that is to be sent to the Securities and Exchange Commission of Pakistan (“SECP”) for its consideration and approval.
For the purposes of the Scheme of Arrangement, the Board has further approved to apply for a grant of a No Objection Certificate (NOC) by the SECP, for the incorporation of the Investment Finance Services Company as a wholly owned subsidiary of UDLI.
UDL Group began its operation several generations ago in 1887 and became distributors of W.D & H.O. Wills cigarettes in undivided India, to begin with. After partition of the sub-continent, several offices were established in major cities of Pakistan. Over decades since 1947, many multinationals and large Pakistani companies have held business relationships with the group. In the early 90’s the ownership and management of the group was divided into two sub-groups, within the family and once again in 2010. This part of the UDL Group is currently engaged into Islamic financing activities.
First UDL Modaraba was formed in 1991 and is managed by UDL Modaraba Management (Private) Limited. It is a perpetual, multipurpose and multidimensional Modaraba and is engaged in providing finance on Murabaha and Musharaka arrangements, Ijarah, commodity trading, manufacturing and trading of pharmaceutical products.
The total number of shares are 35,120,564. The Earnings per share is (0.09) in 2020 which was (1.71) in 2019. The Total Income of the Company is 38,296,000 in 2020 which was 34,464,000 in 2019.