Acquirer fulfills obligations to acquire 332mn shares of HUMNL

MG News | March 02, 2022 at 03:43 PM GMT+05:00

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March 02, 2022 (MLN): In continuation to Public Announcement of Offer (PAO) to acquire over 332.14 million shares of Hum Network Limited (HUMNL) by Mr Duraid Qureshi (Acquirer), Arif Habib Limited (AHL), being the manager to the offer confirmed that acquirer has fulfilled all its obligations under the takeover regulations, AHL said in a notification to exchange issued today.

Meanwhile, the payments have also been dispatched to all the shareholders who tendered their shares as part of this public offer.

The acquirer had made a Public Announcement of Offer (PAO) to acquire 332,146,260 shares of the target company (representing 35.15% of the total issued and paid-up capital) on December 24, 2021.

As required under the takeover regulations, the aquifer was required to complete all formalities related to the Public Offer, including the dispatch of payment to shareholders as a consideration against the shares tendered, within ten (10) days of the close of the acceptance period.

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