SCLL-ORIX merger approved by SECP

The Securities and Exchange Commission of Pakistan (SECP) has approved the merger of Standard Chartered Leasing Limited (SCLL) and Orix Leasing Pakistan Limited (ORIX), said a stock filing Monday. Submitted on March 18 to the apex regulator, the amalgamation scheme would take effect from May 27. "SECP has sanctioned the Scheme by its order dated May 27," Mahmood Ghafoor, SCLL''s company secretary told shareholders at Pakistan Stock Exchange.
In terms of the scheme, he said, minority stakeholders of the company shall be paid consideration either by way of issuance of one ordinary share of ORIX for every 6.42 ordinary shares of the company. Or they would get cash payment of Rs 9.85 per ordinary share of the company. The company''s majority shareholders, Standard Chartered Bank, would be paid cash consideration of Rs 7.88 per ordinary share. This price, however, is subject to downward adjustment based on net asset value determination.