Muhammad Farrukh eyes 53.5% stake in Al Shaheer

June 30, 2026 (MLN): Muhammad Farrukh, the acquirer, intends to acquire at least 53.50% of the issued ordinary shares and control of Al Shaheer Corporation Limited.

AKD Securities Limited, appointed as Manager to the Offer, submitted the Public Announcement of Intention on behalf of the acquirer to acquire more than 53.50% of the issued and paid-up share capital and control of Al Shaheer Corporation Limited, the target company, subject to receipt of regulatory approvals, if any.

The public announcement of intention is intended to be published in one English and one Urdu language newspaper on July 2, 2026.

The intended acquisition comprises 200,601,858 shares of the target company, representing 53.50%, through a Share Purchase Agreement, along with 64,690,012 shares, representing 17.25%, through a public offer.

The persons acting in concert with the acquirer are Fehmida Amin and Sualeha Farrukh, all addressed at 579-H, Street #15, Phase V, DHA, Lahore Cantt. Muhammad Farrukh is named as the ultimate acquirer and ultimate controlling shareholder.

Mr. Farrukh brings more than 22 years of hands-on experience in the edible commodity sector, spanning the processing and trading of rice, wheat, flour, spices, salt, and other staple goods.

He has developed operational and processing facilities within Pakistan, showing a vertically integrated approach to the business, with a track record encompassing both Pakistan's domestic market and international trade.

The acquirer holds more than thirty percent voting shares in Unity Packages (Pvt) Limited, a private company engaged in commodity trading incorporated in Karachi, where he holds 33.33% as Director/CEO; Unity Feeds (Pvt) Limited, a private company engaged in edible oil incorporated in Quetta, where he holds 50.00% as Director/CEO; and Kairos Resources (Pvt) Limited, a private company engaged in financial consultancy incorporated in Karachi, where he holds 50.00% as Director.

The ultimate beneficial owner is identified as Muhammad Farrukh, CNIC 42201-9556701-7, Pakistani nationality, residing at 579-H, Street #15, Phase V, DHA, Lahore Cantt.

The acquirer's existing holding of voting rights in the target company, also reflecting the holding of persons acting in concert, stands at 5,500,000 shares (1.47%) for Muhammad Farrukh, 39,391,655 shares (10.51%) for Fehmida Amin, and 50,000 shares (0.01%) for Sualeha Farrukh. No irrevocable commitments to accept the takeover offer, or options, warrants, or other convertible securities, have been received.

Completion of the proposed acquisition shall be subject to, inter alia, finalization of acquisition terms, execution of appropriate legal agreements, and receipt of all requisite regulatory and other corporate approvals.

On the target company side, Al Shaheer Corporation Limited's board comprises Mrs. Sualeha Farrukh as Chairman, Mr. Muhammad Farrukh as Director/CEO, and Mr. Jalees Edhi, Mr. Muhammad Ayub Khan Durrani, Mr. Muhammad Azhar Ghauri, and Mr. Ammar Junaid as directors.

Major shareholders include Fehmida Amin with 39,391,655 shares (10.51%), DJM Securities Limited with 35,500,000 shares (9.47%), Dawood Jan Muhammad with 35,500,000 shares (9.47%), Danish Elahi with 31,302,537 shares (8.35%), Raza Elahi with 20,161,611 shares (5.38%), Sumya Builders & Developers with 20,000,000 shares (5.33%), and Afshan Sohail with 19,445,484 shares (5.19%).

The target company's total issued shares stand at 374,923,537 ordinary shares of Rs 10 each. Al Shaheer Corporation Limited was listed on August 24, 2015, with an offer price and opening price of Rs 95 per share.

The share price quoted one day before the public announcement of intention stood at Rs 13.42 per share, while the weighted average share price during the 28 days preceding the announcement stood at Rs 11.74 per share.

On the financial position, the target company's total assets stood at Rs4.36bn as of March 31, 2026 (unaudited 9MFY26), against Rs5.34bn, Rs4.20bn, Rs8.50bn, Rs9.35bn and Rs9.21bn in FY25, FY24, FY23, FY22 and FY21 respectively.

Total liabilities stood at Rs4.07bn in 9MFY26 compared to Rs4.92bn, Rs3.39bn, Rs4.18bn, Rs3.95bn and Rs2.81bn in the preceding five years.

Shareholders' equity narrowed to Rs286m in 9MFY26 from Rs420m, Rs813m, Rs4.32bn, Rs5.40bn and Rs6.40bn in FY25 through FY21 respectively.

Net sales stood at Rs1.61bn in 9MFY26, compared to Rs195m, Rs724m, Rs6.88bn, Rs6.04bn and Rs5.37bn in FY25, FY24, FY23, FY22 and FY21.

The company posted a loss after taxation of Rs133m in 9MFY26, against losses of Rs392m and Rs3.51bn in FY25 and FY24, and losses of Rs1.82bn and Rs239m in FY23 and FY22, while FY21 recorded a profit after taxation of Rs113m.

per share stood at Rs0.36 in 9MFY26 compared to losses per share of Rs1.05, Rs9.36, Rs5.53 and Rs0.80 in FY25, FY24, FY23 and FY22, while FY21 recorded earnings per share of Rs 0.38. No dividend per share was declared in any of the periods.

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