Ownership shake-up looms at Saudi Pak Consultancy

June 29, 2026 (MLN): A significant ownership shake-up is underway at Saudi Pak Consultancy Company Limited (PSX: SPCL), as Syed Sabur Rehman has formally declared his intention to acquire 35.06% of the company’s issued and paid-up capital.

This showed a potential shift in control under Pakistan’s takeover regulatory framework.

According to the Public Announcement of Intention filed under the Securities Act, 2015 and routed through the Pakistan Stock Exchange, the proposed acquisition covers 15.83 million shares (35.06%), with an additional 14.65m shares (32.45%) included through related arrangements, subject to regulatory approvals.

The transaction remains contingent upon clearance from the Securities and Exchange Commission of Pakistan (SECP), including fit and proper approval. Authorities may halt or reverse the process if compliance conditions are not met.

Who is the Acquirer?

The incoming acquirer, Syed Sabur Rehman, is presented as a seasoned business figure with experience spanning banking, textiles, and hospitality sectors.

He is also linked to multiple business interests across Pakistan and abroad, including insurance, aviation, hospitality, and holding companies in the UK and Maldives.

His profile highlights international exposure and diversified corporate interests, suggesting a broader strategic intent behind the acquisition.

Company Snapshot: A Financially Distressed Profile

The target company has faced prolonged operational and market challenges:

Issued shares: 45.16 million

Trading suspended on PSX since March 2022

Negative book value: -Rs. 8.84 per share (FY2025)

Net worth remains deeply negative over multiple years

Earnings show volatility, with FY2025 EPS at 0.98, but inconsistent historical performance

The suspension of trading has left valuation discovery limited, with the last known price recorded at Rs. 0.9 (March 2022).

Governance & Stakeholding Context

Currently, Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO) holds a major stake of 35.06%, positioning it as a key institutional shareholder.

The company board comprises a mix of independent and executive directors, with leadership oversight from Chairman Syed Najmul Hasnain Kazmi and CEO Niaz Ahmed Khan.

If approved, the acquisition could mark a turning point for a long-suspended listed entity, potentially paving the way for restructuring, reactivation, or strategic repositioning under new control.

However, the deal remains firmly in the regulatory evaluation phase, with SECP approval as the decisive gatekeeper.

For now, all eyes are on whether this takeover bid moves from intention to execution, or stalls under compliance scrutiny.

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