Amir Noman extends deadline to acquire 50% stake in Bela Automotives

MG News | December 06, 2024 at 12:09 PM GMT+05:00

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December 06, 2024 (MLN): Amir Noman, the proposed acquirer of 2,900,000 ordinary shares, representing 50% of the total paid-up ordinary shares of Bela Automotives Limited (PSX: BELA), has extended the deadline for making the Public Announcement of Offer by 90 days, now set for March 8, 2025.

Adam Securities Limited, the manager to the offer, issued a notice to the PSX to inform them of this development.

According to the manager, the acquirer is awaiting certain regulatory approvals and, therefore, will not be able to complete all the required procedures for submitting the Public Announcement of Offer within the initial 180-day deadline, which was set to expire on December 8, 2024.

The offer was initially announced on June 10, 2024.

It is worth adding here that BELA is currently under the defaulter segment of PSX. The company produces and markets automotive parts, bicycle parts, bolts, nuts, cold forged parts, machinery parts etc at Hub, near Karachi.

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