Mohsin Naeem, Hum Network’s Company Secretary has notified the Pakistan Stock Exchange (PSX) about the company’s decision to merge with M.D Productions by amalgamating HUMM Co. (Private) Limited – the wholly owned subsidiary of the company with M.D Productions.This was confirmed in an extraordinary general meeting of the company held on February 27, 2017.
Furthermore, it was notified that the Company wishes to reorganise and issue shares as part of the arrangement along with ancillary matters as settled in accordance with the Scheme of arrangement approved by the board members on September 22, 2016.
Hum Network was incorporated in Pakistan as a public limited company in February 2004 in the name of Eye TV Limited and later on 18 November 2004 the name was changed to Eye Television Network Limited, and finally on 21 January 2011 the Company name was changed to Hum Network Limited (HNL).
M.D Productions is owned and run by Momina Duraid – a renowned Pakistani director and producer. She is a senior producer and creative head of television network Hum TV and CEO of her own production company Momina Duraid Productions (M.D Productions).As per the industry grapevine, the same production house had led to a conflict of interest between Sultana Siddiqui (director Hum TV Network) and Jahangir Siddiqui (founder JS Group of Companies), brother of Sultana Siddiqui and ex-shareholder of the then Eye TV Limited.
The stock for Hum Network closed at Rs 13.55 after an increase of Rs1 (7.38pc) today.