LSE Ventures Limited has announced the withdrawal of its petition from the Lahore High Court seeking a merger with Digital Custodian Company Limited. The information was disclosed in a filing submitted to the Pakistan Stock Exchange on Wednesday.
The filing cited the need for a “fresh valuation” to determine the exchange ratio between the two companies as the reason for withdrawing the petition. This withdrawal was granted “with the permission of the Honorable Lahore High Court.”
LSE Ventures Limited is an investment company whose primary function involves investing in various financial instruments like stocks, bonds, and mutual funds. Digital Custodian Company Limited, on the other hand, operates a digital blockchain platform offering a suite of services including corporate registry, custodian and trustee functions, and smart contract solutions.
Their platform is the first in Pakistan to leverage blockchain technology for capital market infrastructure. Built on the Ethereum platform using Golang for back-end code, it utilizes the concept of decentralized finance (DeFi) within a permissioned, private blockchain environment.
The withdrawal of the merger petition suggests a potential delay in the consolidation plans between the two companies. It remains to be seen whether they will pursue a revised merger proposal in the future.