First UDL Modaraba Board Meeting to Discuss Approval of Scheme of Arrangement and EOGM Date

Karachi, In an upcoming board meeting, First UDL Modaraba’s Board of Directors will convene on June 15, 2023, in Karachi. The primary agenda of the meeting will be to determine the date for an Extraordinary General Meeting (EOGM) to seek approval for the proposed Scheme of Arrangement between First UDL Modaraba, UDL International Ltd, and UDL Financial Services Ltd. This EOGM has been mandated by the High Court of Sindh in its order dated May 12, 2023.

To ensure compliance with regulations and maintain transparency, First UDL Modaraba has announced a “Closed Period” from June 9 to June 15, 2023. During this period, no Director, CEO, or Executive of the company will be permitted to engage in any direct or indirect trading of the company’s shares. This measure aims to prevent any potential conflicts of interest or insider trading during the critical decision-making process.

First UDL Modaraba looks forward to conducting the EOGM and obtaining the necessary approval for the proposed Scheme of Arrangement, which holds significant implications for the future operations and structure of the company.