Karachi: UDL International Limited (UDLI) has successfully completed the merger with First UDL Modaraba (FUDLM), crediting shares to the certificate holders as per the previously announced swap ratio of 1:1, effective from July 4, 2024. According to information available from the Pakistan Stock Exchange (PSX), this strategic amalgamation marks a significant development in UDLI’s corporate restructuring efforts.
The Central Depository Company of Pakistan Limited (CDC) has confirmed the credit of 32,340,957 UDLI securities to the respective accounts and/or sub-accounts in the Central Depository System, reflecting the equivalent number of FUDLM certificates exchanged. This transition follows the Merger Entitlement List finalized on June 12, 2024.
In conjunction with this merger, UDLI has set the opening share price at Rs. 8 per share, which aligns with the closing price of FUDLM’s certificates. Certificate holders of FUDLM are requested to surrender their original physical share certificates at CDC Share Registrar Services Ltd., located at CDC House, 99-B, Block B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi, to receive their new shares of UDLI.
The removal of First UDL Modaraba from the Central Depository System took effect on July 5, 2024, the day following the credit of new shares. UDLI’s paid-up capital post-merger now stands at 35,120,548 shares, signaling the company’s expanded market presence and shareholder base.