Modam targets completing DKL revival plan
Modam targets completing DKL revival plan

KARACHI: Modaraba Al-Mali (Modam) to complete the revival of Drekkar Kingsway Limited (DKL) by the end of April 30, 2022 under “Revival Business Plan”, a bourse filing by Modam said.

DKL will be completing/taking the following corporate actions under the guidance, advice and assistance of the Modam, stating that: “Implementation of revival business plan; change of name of the company to the proposed name of Oilboy Energy Limited to represent its revised/intended business activities.”

“Increase in the company’s authorised capital to Rs1.60 billion; change in object clause of the memorandum of association of the company; adoption/change of articles of association of the company.”

“Modam is targeting to complete the revival of DKL by [the] end of April 30, 2022 under “Revival Business Plan”. Financial impact (i.e., impact on net profitability) of this transaction on Modam will be around Rs100 million,” the filing added.

Earlier in the previous week, DKL’s corporate status was restored to implement the revival business plan approved by the company’s shareholders in their annual general meeting held on October 22, 2021, as the Islamabad High Court in its order dismissed the winding up petition against the company as withdrawn.

Modaraba Al-Mali (Modam) is a multipurpose and perpetual Modaraba floated on July 8, 1987. It is being managed by AssetPlex Modaraba Management Limited (AMML), previously BankIslami Modaraba Investments Limited (BIMIL).

It is a specialised Islamic vehicle focusing on Islamic venture capital/private equity and restructuring/rehabilitation of companies having potential for revival.

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