January 30, 2020 (MLN): Arif Habib Limited has withdrawn the Public Announcement of Intention (POI) made by Colgate Palmolive Company in May last year, to acquire 21% voting shares of Colgate Palmolive (Pakistan) Limited.
In a notification issued to Pakistan Stock Exchange on Thursday, the company stated, “We, Arif Habib Limited, in our capacity as Manager to the Offer, would like to inform you that the parties were unable to agree on terms and the POI hereby stands withdrawn”.
Earlier today, Colgate-Palmolive Pakistan Limited had unveiled its financial performance for the half-year ended December 31, 2019 wherein it reported net profits of Rs. 2.3 billion.
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