StanChart gets nod to merge its sub­sidiary

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

Se­cu­rity and Ex­change Com­mis­sion of Pak­istan (SECP) has fi­nally given a green sig­nal to Stan­dard Char­tered Bank for merger and amal­ga­ma­tion scheme of its two sub­sidiaryS­tan­dard Char­tered Leas­ing with Orix Leas­ing Pak­istan Lim­ited.

Asif Iqbal Alam, Com­pany Sec­re­tary of Stan­dard Char­tered Bank said the amal­ga­ma­tion scheme of the bank with leas­ing com­pa­nies were ap­proved by SECP fol­low­ing it re­ceived ap­proval from its share­hold­ers in a meet­ing held in March 2016. Ac­cord­ing to scheme sanc­tioned by reg­u­la­tory, OLP shall pay to mi­nor­ity share­hold­ers ei­ther 1 share or OLP for 6.4 share of Stan­dard Char­tered Leas­ing Com­pany or Rs 9.85 per share on the other hand. The amal­ga­ma­tion price to Stan­dard Char­tered Bank having ma­jor share­hold­ing is set at Rs f Rs 7.88 per share.

The amal­ga­ma­tion of two leas­ing com­pa­nies-Orix Leas­ing and Stan­dard Leas­ing will merge their op­er­a­tions in­clud­ing as­sets and prod­ucts in ac­cor­dance with scheme re­sult­ing di­vest­ment of Stan­dard Char­tered Bank as ma­jor share­holder with the amount of Rs 666 mil­lion. Ac­cord­ing to de­tails of scheme, the en­tire un­der­tak­ing of the Stan­dard Char­tered Leas­ing, in­clud­ing all the prop­er­ties, as­sets and li­a­bil­i­ties and all the rights and obli­ga­tions of the Com­pany as at the Effective Date, shall, with­out any fur­ther act stand amal­ga­mated with and vest in Orix Leas­ing. Re­lated to trans­fer of op­er­a­tions, all rights, ben­e­fits and pow­ers in re­spect of any leases, loans, ad­vances, fi­nances and/or other bank­ing and credit fa­cil­i­ties pro­vided by the Stan­dard Char­tered shall stand merged. Be­sides, as­sets to be merged are prop­er­ties (in­clud­ing the Im­mov­able Prop­er­ties) of what­so­ever na­ture and all de­posits, cash bal­ances, re­serves, rev­enue bal­ances, in­vest­ments, statu­tory or other de­posits with any bank and all ti­tle, rights or in­ter­est in or aris­ing out of such prop­erty as may be­long to or be in the pos­ses­sion (phys­i­cal or con­struc­tive) of the Com­pany. At least seven days' no­tice shall be given by the Stan­dard Char­tered to the Share­hold­ers in the man­ner pro­vided in its Ar­ti­cles of As­so­ci­a­tion for the final clo­sure of the reg­is­ter of shares of the Com­pany to which the or­di­nary share­hold­ers of the Com­pany are to be de­ter­mined for en­ti­tle­ment to the rel­e­vant Con­sid­er­a­tion. The pay­ment of the Mi­nor­ity Share­hold­ers Con­sid­er­a­tion or is­suance of OLP Shares to the Mi­nor­ity Share­hold­ers shall be made by OLP within three (3) Busi­ness Days from the date no­ti­fied to the Share­hold­ers for de­liv­ery of share cer­tifi­cates of the Com­pany for can­cel­la­tion.

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