January 29, 2019 (MLN): Beacon Impex Private Limited (the Acquirer) has made a public offer to acquire up to 4,314,150 ordinary shares of Khurshid Spinning Mills Limited constituting 32.7455% of the issued share capital of KHSM at an offer price of Rs.2 per ordinary share.
In an official notification to the Pakistan Stock Exchange (PSX), KHSM disclosed that it received the Notice of Public Announcement of Offer from BMA Capital Management Limited, who are acting as Manager to the Offer on behalf of Beacon Impex Private Limited.
The Acquirer has entered into a Share Purchase Agreement (SPA) dated October 15, 2018 with Mr. Khawaja Amer Khurshid and Khawaja Asem Khurshid for the sale of 4,546,500 ordinary shares representing 34.5091% of the total issued share capital of KHSM at an aggregate price of Rs.9, 093,000.
In addition, the acquirer is offering to acquire by way of public offer, ordinary share having a par value of Rs.10 each in KHSM from shareholder on the terms summarized below:
Offer price: PKR 2/- per ordinary share
Acceptance period: Seven days starting from Tuesday March 19, 2019, during business hours
The offer letter will be sent to shareholders (other than the Sponsor Sellers who have already entered inot SPA with the acquirer) whose names appear on the share register of KHSM on closure of share transfer register on Thursday March 7, 2019.
Number of Voting Shares: Up to 4,314,150 ordinary shares
Number of shares being acquired: 4,546,500 ordinary shares
