May 13, 2022 (MLN): Arif Habib Limited (AHL), Manager to the Offer, on behalf of the acquirers, has submitted a Public Announcement of Offer (PAO) to acquire up to 1,967,700 ordinary shares of Karam Ceramics Limited, representing 13.52% of the total issued paid-up capital of the target company, the notice sent to PSX showed today.
The acquirers, Mrs. Suraiya Nasir, Mr. Syed Mazhar Ali Nasir, Mr. Syed Azhar Ali Nasir and Mr. Syed Azfar Ali Nasir entered into a share purchase agreement dated March 4, 2022 (the “SPA”) with the sponsors of Karam Ceramics Limited (the “Seller”) for the purchase of 10,613,277 ordinary shares representing approximately 72.95% of the total issued ordinary share capital of the target company at a price of Rs20.00 per ordinary share (the “Acquisition”).
Therefore, the acquisition falls within the ambit of Section 111 (c) of the Securities Act, 2015 (the “Act”), and the acquirer is offering to purchase additional voting shares of up to 1,967,700 ordinary shares representing 13.52% of the total issued share capital of the target company by way of a public offer. The Acquirer is offering to purchase the additional voting shares, having a par value of PKR 10/- each at an offer price of Rs62.77 each (“Public Offer”), the notice added.
