October 25, 2021 (MLN): Arif Habib Limited (AHL) has submitted a Public Announcement of Intention (PAI) to acquire up to 332,146,260 ordinary shares of Hum Network Limited, on behalf of the acquirer, Mr. Duraid Qureshi.
In a notification issued to the PSX today, Arif Habib Limited informed that it had been appointed as the Manager to Offer by the Acquirer in accordance with the provision of the Securities Act 2015 and the Listed Companies Regulations, 2017.
These shares represent 35.15% of the total issued paid-up capital of the Target Company (Hum Network Limited).
Mr Duraid Qureshi, the acquirer, is the CEO and co-founder of Hum Network Ltd. He started his career in treasury trading and after completing his MBA, joined Al-Abbas Sugar Mills Ltd as Chief Operation Officer and Resident Director. In 2001, Mr. Duraid joined Moomal Productions as CEO and turned it into the largest production house in the country.
In 2004, he founded Hum Network (formerly Eye Television Network Ltd.) and successfully launched Hum TV in December 2004.