ESBL receives withdrawal of PAI to acquire more than 50% shares

MG News | September 12, 2022 at 01:40 PM GMT+05:00

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September 12, 2022 (MLN): Escorts Investment Bank Limited (ESBL) has received a notice from AKD Securities for withdrawal of Public Announcement of Intention (PAI) to acquire more than 50% shares and control of the bank, company's filing on PSX showed today.

AKD Securities Limited as a manager to the offer informed that due to lack of progress in the transaction within the required period, the acquirers namely Mr Mian Javaid Akhtar, Mr Mohammad Ali Kazmi and Mr. Mian Zeeshan Javaid have decided not to proceed with the acquisition of shares of the ESBL.

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