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Karachi, MetaTech Trading Limited has shared exciting news as the company’s Board of Directors, in a meeting held on June 14, decided to merge with Big Bird Foods (Private) Limited. The decision was made at the Corporate Office of the Company, with participation through a Zoom-Video link.
The merger aims to bring together the strengths and capabilities of both MetaTech Trading Limited and Big Bird Foods (Private) Limited. By joining forces, the companies anticipate enhanced business prospects and increased value for their shareholders.
As part of the merger process, the Board of Directors has decided to appoint a merger consultant who will be responsible for preparing the Scheme of Compromises, Arrangement, and Reconstruction for the amalgamation/merger. This scheme will adhere to the provisions outlined in Sections 279 to 283 of The Companies Act, 2017, along with other enabling provisions.
Furthermore, a petition will be filed at the Honorable Lahore High Court, Lahore, seeking the court’s sanction for the proposed Scheme of Merger. The completion of all related corporate and legal formalities will precede this step.
The effective date of the Scheme is expected to be March 31, 2023, or as determined and approved by the Honorable Court based on the parties’ request. Once the merger is successfully completed through the Scheme, MetaTech Trading Limited will be dissolved under the Order of the Honorable Lahore High Court, Lahore, without undergoing winding-up procedures. In exchange, shares of Big Bird Foods Limited* will be issued to registered members and shareholders of MetaTech Trading Limited.
Until the sanction date is approved by the Honorable Court, MetaTech Trading Limited will continue its operations as a going concern, maintaining its trading business activities within its principal line of business.