SECP suspends proposed acquisition of Al Shaheer corporation

August 13, 2026 (MLN): The Securities and Exchange Commission of Pakistan has directed that the proposed acquisition of voting shares and control of Al Shaheer Corporation Limited shall remain suspended until further orders of the Commission.

The directive follows an SECP order dated August 10, 2026, issued under Section 125 of the Securities Act, 2015, in relation to the Public Announcement of Intention dated June 30, 2026, regarding the proposed acquisition of more than 53.50% of the issued and paid-up share capital and control of the company.

Under the earlier declaration, Muhammad Farrukh, the acquirer, intended to acquire at least 53.50% of the issued ordinary shares and control of the target company. AKD Securities Limited, appointed as Manager to the Offer, had submitted the Public Announcement of Intention on behalf of the acquirer, subject to receipt of regulatory approvals.

The intended acquisition comprised 200,601,858 shares, 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. Muhammad Farrukh was named as the ultimate acquirer and ultimate controlling shareholder, with the acquirer's existing holding of voting rights, also showing the holding of persons acting in concert, standing 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.

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, with operational and processing facilities within Pakistan showing a vertically integrated approach to the business.

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

On the target company side, Al Shaheer Corporation'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 Rs10 each. Al Shaheer Corporation was listed on August 24, 2015, with an offer price and opening price of Rs95 per share.

The share price quoted one day before the public announcement of intention stood at Rs13.42 per share, while the weighted average share price during the 28 days preceding the announcement stood at Rs11.74 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, while 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.

Loss 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 Rs0.38. No dividend per share was declared in any of the periods.

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