SECP approves change of management control of First IBL Modaraba

The Securities and Exchange Commission of Pakistan (SECP) has approved the change of management control of First IBL Modaraba in favour of ZTP (Private) Limited, according to a disclosure submitted to the Pakistan Stock Exchange.

The company informed the exchange that the approval has been granted under Section 96 of the Securities Act, 2015 and relevant PSX regulations.

The approval is subject to the fulfilment of applicable regulatory requirements. The company stated that it will keep the exchange informed of any further developments regarding the transaction.

The development follows the signing of a Sale and Purchase Agreement (SPA) between First IBL Modaraba and ZTP (Private) Limited in September 2025. ZTP has since applied to the Registrar Modaraba at the SECP to obtain the required regulatory approvals to complete the transaction.

First IBL Modaraba operates as a multi-purpose, perpetual Modaraba under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. It undertakes Shariah-compliant financing activities, including Ijarah, Musharaka and Murabaha arrangements.