KARACHI, May 26: The Peshawar High Court has sanctioned the Scheme of Arrangement for merger of Lucky Powertech Limited with Lucky Cement Company Limited.

An announcement by Lucky Cement stated that the court had sanctioned the arrangement vide its order dated May 12, 2003.

The Scheme of Arrangement for merger between the two companies had earlier been approved by the respective members of both the companies, Lucky Cement said and added that as a result of the merger/amalgamation, the separate corporate entity of Lucky Powertech Limited had been dissolved without winding up proceeding and consequently all its assets, liabilities, rights and obligations had been transferred to and be vested with Lucky Cement Limited.

The 10-rupee share in Lucky Cement is currently trading at the stock exchange at Rs14.35, with the company holding 245 million outstanding shares. Lucky Powertech Limited is an unlisted entity.