AHSL brokers deal between Dewan, Allied

KARACHI: Dewan Group has taken over Allied Groups’ stake in Allied Motors Ltd, and a deal to this effect between Dewan Mushtaq Group and Allied Group was brokered by Arif Habib Securities Ltd (AHSL), said a press release issued by the AHSL here Thursday. The company used to be called Allied Tractors Ltd and assembled tractors of the Ford brand. During the 1990s, the company had a dispute with Ford and the plant has been closed for the number of years. The equity of Allied Motors Ltd is negative and the book value per share after taking into account revaluation of assets in below Rs 4. Dewan Group bought 4,753,259 shares (53 percent) at a rate of Rs 1 and in addition has agreed to take on the responsibility for the discharge of the liabilities of the company, the release said. “The deal was finalised after talks with a number of parties, as it was felt that the interests of the minority shareholders would best be looked after by Dewan Group,” it added. —Staff Report