Bawany Air Products receives withdrawal of PAI from Fossil Energy

By MG News | September 14, 2020 at 04:20 PM GMT+05:00

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September 14, 2020 (MLN): Bawany Air Products Limited has received Withdrawal of Public Announcement of Intention from Fossil Energy (Private) Limited to acquire more than 50% of its voting shares, the company informed PSX on Monday.

The reason stated by Intermarket Securities, i.e. the manager to the officer, was that the acquirer was not able to take a decision regarding the making of a Public Announcement of Offer on the basis that the due diligence from the acquirer’s end for the transactions was still ongoing.

Fossil Energy, however, shall make a fresh public announcement of intention in accordance with the prescribed formalities immediately with effect from the expiry date.

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