KARACHI, July 2: The merger of First Professional Modaraba (FPM) with Al-Zamin Leasing Modaraba (Al-Zamin) had been approved by the High Court of Sindh, based on the petition filed by both entities earlier under the Companies Ordinance, said a press release issued by Al-Zamin Leasing Modaraba on Wednesday.

It stated that the management company of FPM had also been merged with the Al-Zamin Modaraba Management (Pvt) Limited as was petitioned.

“The court has ordered implementation of all the necessary steps sought by Al-Zamin and FPM and their respective management companies to effect the amalgamation from July 1, 2002,” the press release stated.

It said that the mergers were earlier approved by certificate holders in both Modarabas and members of their respective management companies at the extraordinary general meeting on May 13, 2002.

Al-Zamin said that as a result of the merger, the equity of the Modaraba would rise to over Rs320m with an asset base of over Rs1,200 million.