The Pakistan Stock Exchange (PSX) has officially notified that Cyan Limited (CYAN) and DH Partners Limited (DHPL) will stand delisted effective Wednesday, March 25, 2026, following the completion of their amalgamation with and into Dawood Lawrencepur Limited (DLL). Both companies have fulfilled all post-merger requirements, permanently ceasing to exist as independent listed entities on the bourse.
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The delisting marks the final step in a merger process that consolidates the two companies under Dawood Lawrencepur, simplifying the corporate structure of the Dawood Group and creating a single, larger listed entity.
Court Approval and Regulatory Clearance
The merger received court approval when the Islamabad High Court, vide its order dated February 12, 2026, sanctioned the Scheme of Amalgamation of DHPL and Cyan Limited with and into Dawood Lawrencepur Limited under the Companies Act, 2017. This approval was disclosed to the Exchange on February 19, 2026.
Final regulatory clearance came on March 19, 2026, when the Competition Commission of Pakistan (CCP) approved the merger. The CCP described the transaction as an internal restructuring among associated companies under common management, concluding that it posed no threat to market competition.
Share Exchange Ratios
Following the court order, Cyan Limited on March 5, 2026 declared the share exchange ratios under which DLL shares would be issued to shareholders of the merging entities:
| Shareholder | Exchange Ratio |
|---|---|
| Cyan Limited Shareholders | 7.2974 DLL shares for every 100 Cyan shares |
| DH Partners Limited Shareholders | 4.7724 DLL shares for every 100 DHPL shares |
Key Dates
| Date | Event |
|---|---|
| February 12, 2026 | Islamabad High Court sanctions Scheme of Amalgamation |
| February 19, 2026 | Disclosure to PSX |
| March 5, 2026 | Share exchange ratios declared |
| March 11, 2026 | Last trading day for Cyan shares |
| March 13, 2026 | Record Date for eligible shareholders |
| March 19, 2026 | CCP approval granted |
| March 25, 2026 | Effective delisting date |
Post-Merger Integration
All assets, liabilities, and obligations of Cyan Limited and DH Partners Limited are now fully consolidated under Dawood Lawrencepur Limited. The merged entity benefits from a simplified corporate structure, consolidated operations, and enhanced scale.
Shareholder Instructions
Eligible shareholders as of the March 13 record date will receive DLL shares at the stated ratios. Members are advised to coordinate with their Central Depository Company (CDC) Participant or Share Registrar to ensure timely credit of DLL shares.
About Dawood Lawrencepur Limited
Dawood Lawrencepur Limited (PSX: DLL) is a diversified holding company with interests in energy, chemicals, renewable energy, and other sectors. As part of the Dawood Group, the company has a long history of industrial and financial leadership in Pakistan.
About Cyan Limited and DH Partners Limited
Cyan Limited (formerly Cyan Limited) and DH Partners Limited were investment and holding companies within the Dawood Group. Their amalgamation into Dawood Lawrencepur consolidates group holdings under a single listed entity.
