Lahore: Millat Tractors Limited (MTL) has announced the completion of the issuance of physical share certificates to shareholders of Millat Equipment Limited (MEL) following a court-approved Scheme of Arrangement. This development comes after the Honorable Lahore High Court sanctioned the merger of MEL with and into MTL, as detailed in the company's board resolution dated February 11, 2025.

In accordance with the merger scheme, a total of 71,717,718 ordinary shares have been allotted to the shareholders of MEL, excluding MTL and its nominees. The shares were issued fully paid up at a par value, based on a swap ratio of one MTL ordinary share for every 2.13 ordinary shares of MEL held by shareholders as of the record date, February 17, 2025.

According to information available from the Pakistan Stock Exchange (PSX), the issuance of MTL shares has resulted in an increase in the company's issued and paid-up share capital. The capital has risen from Rs.1.92 billion to Rs.1.95 billion, divided into 199.52 million ordinary shares with a face value of Rs.10 each. As a result of the merger and the subsequent share issuance, MEL is now dissolved without winding up.

The dispatch of physical shares to the entitled shareholders of MEL has been completed, and the company has published notices in newspapers to inform all stakeholders. Shareholders are encouraged to contact the company's share registrar, CDC Share Registrar Services Limited, for any inquiries related to their new shareholdings.

The market category for Millat Tractors Limited remains unchanged following this transaction, and the company has urged holders of TRE Certificates of the Exchange to note the developments accordingly.