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Lahore, Millat Tractors Limited has scheduled an Extraordinary General Meeting (EGM) for June 15, 2024, to discuss a significant Scheme of Arrangement involving a merger with Millat Equipment Limited. The meeting, necessitated by an order from the Lahore High Court dated May 16, 2024, will take place via video link from the company’s registered office in Shahdara, Lahore.
The proposed merger, initiated by the chairperson during the meeting, aims to enhance operational efficiencies and manufacturing quality by consolidating the undertakings of both entities. Millat Equipment Limited will transfer its entire assets to Millat Tractors Limited, which in return will issue fully paid ordinary shares to the shareholders of Millat Equipment Limited, excluding itself.
According to information available from the Pakistan Stock Exchange (PSX), this strategic move is expected to bolster Millat Tractors’ capacity in the agriculture machinery sector by merging with its component manufacturer, potentially leading to improved product quality and market competitiveness.
Shareholders of Millat Tractors Limited are advised that the share transfer books will be closed from June 7, 2024, to June 15, 2024, for the purpose of the EGM. Additionally, voting options have been made available through electronic voting facilities or postal ballot to facilitate shareholder participation in deciding the merger.
The Scheme of Arrangement is contingent upon approval from the Lahore High Court, with further proceedings anticipated following the meeting. Stakeholders can obtain a copy of the scheme and relevant documents from the company’s registered office or through the official website.