Following the amalgamation arrangement of Trust Commercial Bank Ltd, (TCBL) with the Crescent Commercial Bank Limited (CCBL), TCBL will stand de-listed from ready board quotation of Lahore Stock Exchange (LSE), with effect from Monday, October 18. State Bank, under section 48 of the Banking Companies Ordinance 1962, has sanctioned the amalgamation of TCBL with and into CCBL, LSE notified here on Friday.
Share holders of both the banks have already approved and adopted the same in their respective EOGMs held on 12th August 2004. Consequently, the TCBL will stand de-listed from the date effective of the scheme of arrangement.
According to the scheme of amalgamation, swap ratio is 1:0.74 ie the share holders of the TCBL will be issued 0.74 shares of the face value of Rs 10/- each of CCBL for each share of TCBL having the face value of Rs 10/-each.
The LSE also announced that share transfer books of TCBL would remain closed from 18th October for determination of entitlement of issuance of shares of CCBL in lieu thereof.
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