Pakistan’s Oldest Modaraba to Delist From PSX

BRR Guardian Modaraba will be delisted from the Pakistan Stock Exchange (PSX) on Friday after the requirements for its merger with BRR Guardian Limited were satisfied. “BRRG is being listed on the Exchange pursuant to the Scheme of Arrangement (the “Scheme”) for merger/amalgamation of B.R.R. Guardian Modaraba (“BRR”) with and into B.R.R. Guardian Limited sanctioned by the Sindh High Court vide Order dated April 29, 2023,” the bourse told shareholders on Wednesday. “As per the swap ratio disclosed in the Scheme, the certificate holders of BRR have been allotted 1 share of BRRG against 1 certificate of BRR,” it added. Trading in the shares of BRR Guardian will begin on the PSX’s main board on the same day (Aug 4), PSX announced on Wednesday. The company’s share price will open at its last closing rate of Rs. 11.50 per share, as determined by the Company which has already been disseminated through PUCARS on July 25, 2023. Meanwhile, the Market Lot of the Company will be 500 shares of Rs.10/- each. The shares of the Company have already been declared as an eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL). The Company will be quoted in the “Property” Sector in the Daily Quotation of the Exchange. The purpose of BRR Guardian Modaraba, Pakistan’s oldest modaraba, is to offer Sharia-compliant Islamic financial products while working its way to finish off internet-based financial systems. The company promotes a variety of Islamic financing approaches and provides Sharia-compliant investment opportunities to stakeholders. BRR Guardian Modaraba’s major business is leasing assets through ijara, as well as investing in musharakas and murabahas and allocating funds to properties, equity, and debt securities.