JD Taurus eyes 35% stake in SPCL

June 23, 2026 (MLN): Saudi Pak Consultancy Company Limited (PSX: SPCL) has disclosed a bid by JD Taurus (Private) Limited to acquire 35.06% of the company's issued paid-up capital under the Securities Act, 2015, pursuant to a direction from the Securities and Exchange Commission of Pakistan (SECP).

JD Taurus seeks to acquire 15,835,403 shares through a purchase agreement, followed by a public offer for an additional 32.47% stake comprising 14,662,549 shares.

The development was disclosed via a Public Announcement of Intention (PAI) filed with the Pakistan Stock Exchange (PSX), with Intermarket Securities Limited serving as manager to the offer.

The Karachi-based acquirer, incorporated on October 28, 2025, is led by Chief Executive/Director Mamoon Ur Rashid Qureishi alongside directors Muhammad Yaqoob and Zahid Hussain, holding 40%, 40%, and 20% stakes respectively in JD Taurus.

SPCL, formerly known as Saudi Pak Leasing Company Limited, has 45,160,500 issued shares. The 35.06% stake being targeted is currently held by Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO). SPCL's PSX trading has remained suspended since March 22, 2022.

Financially, SPCL has posted a recovery in recent years, with revenues rising to Rs146m in 2025 from Rs9m in 2020 and profit after tax reaching Rs44m against a loss of Rs53m five years prior.

Earnings per share stood at Rs0.98 in 2025. The company nonetheless carries a negative net worth of Rs399m, with total assets of Rs686m.

The PAI remains subject to SECP regulatory approvals and may be withdrawn if clearances are not granted.

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