UDL International Limited Set to Commence Trading on Pakistan Stock Exchange

Stock Exchange Announcements

Karachi: UDL International Limited ("UDLI") is slated to begin trading on the Pakistan Stock Exchange (PSX) starting Wednesday, July 10, 2024, following its merger with First UDL Modaraba ("FUDLM"). The listing is the culmination of a Scheme of Arrangement approved by the Sindh High Court on November 2, 2023, which sanctioned the amalgamation of FUDLM into UDLI.

According to information available from the Pakistan Stock Exchange (PSX), shareholders of FUDLM have been allotted one share of UDLI for each certificate they held, integrating the operations and assets of the two entities under the UDLI banner. The company, positioned in the "Miscellaneous" sector, will commence its initial trading at PKR 8 per share—the closing price of FUDLM shares at the time of their last trading.

Trading details released by PSX indicate that transactions for UDLI shares will be settled on a T+2 basis, with the first settlement date scheduled for Friday, July 12, 2024. Additionally, the shares have been recognized as eligible securities by the Central Depository Company of Pakistan Limited (CDC), with all transactions to be processed through the National Clearing Company of Pakistan Limited (NCCPL) under the newly assigned company code "UDLI."

The market lot for trading UDLI shares has been set at one share of Rs. 10 each. The share registrar for UDLI will be M/s CDC Share Registrar Services Limited, located at CDC House on Main Shahrah Faisal, Karachi.

This strategic move is expected to enhance the market presence of UDLI and provide both companies' shareholders with consolidated strengths, optimizing their market and financial performance potential.