Calcorp's parent company considers major business transformation

March 27, 2024 (MLN): The parent company of Calcorp Limited (PSX: CASH), Optimus Limited, is negotiating the sale of its shares which may result in a change in the nature of the business, the company said in a filing on Pakistan Stock Exchange (PSX) today.

“Consequently, the company may approach the shareholders to authorize a plan to consummate a transaction that would result in a change in the nature of the business and potentially dispose of its fleet assets,” it said.

In case the transaction does not materialize, Calcorp intends to continue its efforts to generate returns on its capital by deploying capital to finance fleet assets that it will make available to its partners, the notice added.

The company will hold a corporate briefing session on March 29, 2024, to discuss the aforementioned developments, along with the financial results for the year ended June 30, 2023.

To note, last month, a senior managing partner of Pakistan's second-largest rice exporting firm submitted a public announcement of intention to acquire around 9 million ordinary shares of Calcorp Limited, representing 83.96% of the total issued and paid-up capital of the company.

Calcorp’s principal line of business is that of a general purpose holding company capable of making investments in a range of marketable securities, intellectual property, and other assets plied for hire.

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