October 10, 2023 (MLN): The majority shareholders accounting for 63.56% of Baluchistan Wheels Limited (PSX: BWHL) have entered into a share purchase agreement on October 09, 2023, with RMS (Private) Limited for the sale of 8,474,907 shares of BWHL held by the said shareholders.
As per the notice issued by BWHL to the PSX, the majority shareholders include Razak H.M. Bengali, Muhammad Siddique Misri, and Muhammad Irfan Ghani.
The consummation of the proposed transaction will be subject to the terms of the share purchase agreement, including the issuance of the public offer by the acquirer, receipt of requisite approvals, including clearance from the competition commission of Pakistan, and completion of other closing formalities.
To note, this is in reference to the earlier announcement in August of this year, wherein RMS (Private) Limited made a public announcement to acquire up to 63.56% ordinary shares of BWHL with Arif Habib Limited (PSX: AHL’s) as manager to the offer.
The principal business of RMS Limited is to offer construction services and is registered with the Pakistan Engineering Council in Category C-A.
While BWHL is engaged in the manufacturing and marketing of automotive wheel rims for trucks, buses, tractors, cars, and mini-commercial vehicles.
