Arif Habib Limited Announces Book Closure for Scheme of Arrangement

Karachi: Arif Habib Limited (AHL) has announced that it will close its share register on October 30, 2024, as part of implementing a Scheme of Arrangement involving a demerger and subsequent amalgamation with its holding company, Arif Habib Corporation Limited (AHCL). The scheme was sanctioned by the Sindh High Court, as confirmed by an order issued on October 21, 2024.

According to the scheme, dated November 17, 2023, certain non-core businesses and associated assets, liabilities, and obligations will be demerged from AHL and merged into AHCL. The scheme has been approved without any modifications, according to information available from the Pakistan Stock Exchange (PSX). In compliance with the arrangement, AHCL will allot and issue new ordinary shares to AHL shareholders based on a swap ratio of 0.8673 ordinary shares of AHCL for each ordinary share held in AHL. These new shares, called AHCL Swap Shares, will be issued without cancelling the existing AHL shares held by the shareholders.

In a circular to stakeholders, the Board of Directors of AHL has resolved to set October 30, 2024, as the record date for determining the identities of AHL shareholders entitled to receive AHCL Swap Shares. All share transfer books of AHL will remain closed on the record date, and all transfers received in the company’s registrar office in Karachi by October 29, 2024, will be treated in time to determine entitlements for the allocation of AHCL Swap Shares.

According to information available from the Pakistan Stock Exchange (PSX), the allotment of AHCL Swap Shares to the entitled AHL shareholders will be processed according to the scheme, including any directions provided by the AHL Board regarding disposal of fractional shares or entitlements. AHL will continue its business as usual despite the issuance of AHCL Swap Shares.

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