MCB, Arif Habib Units: Regulator approves merger

KARACHI: Securities and Exchange Commission of Pakistan has approved the merger of Arif Habib Investments Limited (AHI) and MCB Asset Management Company Limited, according to a notice sent to the Karachi Stock Exchange on Friday. The combined entity will be named as MCB-Arif Habib Savings and Investments Limited, according to terms of the deal signed on January 19. AHI being a listed company shall be the surviving entity at the formal completion of the merger. The paid-up capital of the merged entity will be twice as much as that of AHI at the moment – 72 million shares of Rs10 each. Mian Mohammad Mansha will be the chairman of the board with Nasim Beg as executive vice chairman and Yasir Qadri as chief executive officer of the merged entity.

Published in The Express Tribune, June 11th, 2011.