KARACHI, June 26: Security Leasing Corporation Limited announced on Wednesday that the Securities and Exchange Commission of Pakistan (SECP) had accorded its approval to the proposed merger of the company with Lease Pak Limited.

The company stated that the scheme of merger would now be prepared and presented for approval of the shareholders and the High Court. The approval by SECP follows its recent approval of 50 per cent rights issue of Preference Shares (Class I).

“The Board of the two companies had recently agreed to merge their operations and agreed for the swap ratio of between 26 to 35 Security Leasing ordinary shares for 100 Lease Pak ordinary shares”, the company said and added that final swap ratio would be determined within next two to three weeks.