AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: In a landmark decision, MetTech Trading Limited will be fully merged with Big Bird Foods Limited, following the approval of a scheme of arrangement and reconstruction by the Lahore High Court on June 26, 2024.
The merger is a result of a judicial order that sanctioned the scheme under Sections 279 to 283 and 285 of the Companies Act, 2017. The Boards of Directors of both companies convened on July 8, 2024, to finalize and adopt the merger’s implementation framework.
According to information available from the Pakistan Stock Exchange (PSX), the scheme’s effective date was retroactively set to March 31, 2023, with its completion anticipated within 120 days of the sanction date. The swap ratio determined for the merger is 0.24 shares of Big Bird Foods for every one share of MetTech Trading.
Further decisions outlined in the meeting include the listing of Big Bird Foods on the Pakistan Stock Exchange, set to replace MetTech Trading, whose last trading day will be July 18, 2024. Shareholders of MetTech Trading are scheduled to receive their Big Bird Foods shares on July 22, 2024, according to the endorsed swap ratio.
The Board of Directors has authorized the CEO of Big Bird Foods to set the opening price of the newly issued shares, which will not be less than Rs. 10.00 per share. The tentative listing schedule and further details are disclosed in the Information Memorandum provided to shareholders and TRE Certificate Holders of the Exchange.
This strategic merger aims to consolidate operations and enhance market presence by leveraging the combined strengths of both companies in the trading and food sectors.