December 11, 2023 (MLN): Turkish investor Aykut Çalikusu has withdrawn its public announcement of intention to acquire over 51% of shares and control of Tri-Star Power Limited (PSX: TSPL), a notice issued by the local bourse revealed today.
Alpha Beta Core Solutions (Private) Limited acted as the manager of the offer and published this intention of the acquirer on March 09, 2023.
The withdrawal is executed to ensure compliance with the law and will be officially published in the same newspapers as per the prescribed formalities, the notice reads further.
It is important to mention that the period for the public announcement expired on December 08, 2023.
To recall, Tri-Star Power on April 5, 2023, filed a suit on the acquirer seeking a declaration and permanent Injunction against Aykut Calikusu and others who were allegedly illegally accumulating shares of the company.
In response, the Sindh High Court (SHC) passed a Status Quo Order in respect of the management of TSPL.
The legal battle between Tri-Star Power and Aykut Calikusu garnered significant attention at the local bourse as many investors and stakeholders closely monitored these developments.
