Systems Limited has announced that its Board of Directors has approved the acquisition of Confiz Pakistan (Private) Limited, along with all its direct and indirect shareholdings in the Confiz Group of Companies.
According to a notice submitted to the Pakistan Stock Exchange (PSX), the transaction will be executed through an amalgamation or merger of Confiz with and into Systems Limited. The proposed integration will take place under a draft Scheme of Arrangement, prepared in accordance with the Companies Act, 2017.
The merger is contingent upon receiving approvals from shareholders, creditors, relevant regulators, and the Lahore High Court. As part of the arrangement, Systems Limited will issue shares to the shareholders of Confiz.
The Board has authorized the company’s CEO, CFO, and Company Secretary to negotiate, finalize, and execute all related agreements and documentation required to complete the transaction.
Systems Limited noted that the scheme and accompanying documents will be shared with PSX and the company’s shareholders in due course, following the directions of the Lahore High Court and in compliance with applicable regulations. The company underscored that the merger remains subject to all mandatory legal and regulatory approvals, as well as any further revisions that may arise during the process.
