June 20, 2022 (MLN): Modaraba Al Mali (PSX Ticker: MODAM) has entered into an arrangement with Hashimi Can Company Limited (PSX: HACC) to acquire 489,900 (29.99% equity capital) shares of HACC.
By acquiring stake, MODAM aims to lead the revival and rehabilitation of the HACC under the proposed name of MetaTech Health Limited and invest in a 3D
Technology company manufacturing invisible dentures with 100% of its products exported to the foreign markets.
The aforesaid transaction is subject to transfer upon the removal of suspension status of HACC by PSX as per PSX Rulebook.
MODAM is a specialized Islamic vehicle focusing on Islamic Venture Capital/Private Equity and Restructuring/Rehabilitation of companies having potential for revival.
MODAM’s activities are focused on reviving the companies placed on the defaulters’ counter of PSX (one out of each 5 companies listed on PSX exists on its defaulters’ counter).
Last week, HACC initiated necessary steps for seeking the removal of suspension at PSX due to the fact that the matter of winding up against the Company already stands set aside by the SECP.
The Commission had advised the HACC directors to expedite the revival of the Company.
In view of the foregoing, and considering the market situation, the Company had resolved to revive the Company's operations in a different line of business for which the shareholders’ approval is being sought for the EOGM planned on Jul 22nd, 2022 instead of the buy-back of shares to convert the Company into an unlisted Company.
To recall, in January 2019, the Board of Directors of the company decided to start voluntary de-listing and buyback of minority shareholders, after business shut down and subsequent termination of all employees in 2011 due to illegal strikes/activities of workers’ union.
Also, Company in a detailed Independent Auditor’s Report for the Year ended June 30, 2019, stated that the closure of the company's operations was due to an illegal strike by the unionized workers, which led to the termination of all employees.
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