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SECP approves merger of three companies into FSIBL

LAHORE (June 08 2004): The Securities & Exchange Commission of Pakistan (SECP) has sanctioned the schemes of merger/amalgamation of Paramount Leasing Limited (PLL), Pacific Leasing Company Limited (PLCL) and First Leasing Corporation Limited (FLCL) into First Standard Investment Bank Limited (FSIBL).

According to a dispatch of the FSIBL to Lahore Stock Exchange (LSE), the board of directors of the FSIBL in the light of the decision of SECP has approved June 15, 2004 as effective date of the merger/amalgamation. The allotment of shares of FSIBL will be made on June 25, 2004 in exchange of shares of PLL, PLCL and FLCL.

According to the arrangement, one fully paid share of par value of Rs 10/- each of FSIBL will be issued against 0.513 ordinary shares of Rs 10/-each of PLL, 0.555 ordinary shares of Rs 10/-each of PLCL and 3.268 ordinary shares of Rs 10/- each of FLCL.

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