SPCL takeover filing gets SECP-driven correction

July 01, 2026 (MLN): Saudi Pak Consultancy Company Limited has issued a corrigendum to the Public Announcement of Intention following observations communicated by the Securities and Exchange Commission of Pakistan.

Three amendments have been made to the Public Announcement of Intention (PAI) concerning the proposed acquisition of 35.06% shares and control of Saudi Pak Consultancy Company Limited (PSX: SPCL) by JD Taurus (Private) Limited, following observations communicated by the Securities and Exchange Commission of Pakistan (SECP).

The Corrigendum was submitted by Intermarket Securities Limited, Manager to the Offer, and pertains to the original PAI [dated May 15, 2026], under which JD Taurus (Private) Limited proposed to acquire 15,835,403 ordinary shares, representing 35.06% of the issued and paid-up share capital and control of the company.

The amendments are as follows:

A statement in the original PAI suggesting the declaration was made pursuant to certain directions issued by the SECP has been withdrawn, with the Company clarifying that no such directions were issued and that the PAI was made in compliance with the applicable provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The reference to obtaining regulatory approvals has been clarified to mean approvals only from relevant regulatory authorities where applicable, meaning no such approval will be required if none is applicable under law to the proposed acquisition.

Disclosures under Schedule VI have also been amended. JD Taurus (Private) Limited has been confirmed as not controlling or holding more than 30% voting shares in any listed company.

A revised disclosure now lists three private, Pakistan-incorporated companies where the ultimate controlling shareholders hold more than 30% ownership: Palladin, a consulting firm 75% held by Mamoon ur Rashid Qureshi; Hazrat Jee Mines & Minerals, a minerals trading firm 49% held by Muhammad Yaqoob; and Top Mine Stone, a mining and trading firm 51% held by Muhammad Yaqoob.

Except for these amendments, all other terms, conditions, and disclosures contained in the original PAI remain unchanged.

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