ESBL receives termination notice from Bahria Town for shares sale-purchase agreement

May 06, 2022 (MLN): Escorts Investment Bank Limited, has received a notice from Bahria Town (Private) Limited for termination of the Shares Sale and Purchase Agreement dated 31 March 2022 entered between Bahria Town (Private) Limited, Mr Javaid Akhtar, Mr Zeeshan Javaid and Mr Muhammad Ali Kazmi for the acquisition of more than 50% shares and control of Escorts Investment Bank Limited.

In a notice, Bahria Town Private Limited noted that Purchaser was required to fulfil certain conditions precedent, completion of which would lead towards Closing.

However, unfortunately, since the Execution Date, the Purchasers have not made any progress to seek the required regulatory approvals and fulfil the conditions precedent.

In this regard, in addition to the Purchasers not diligently pursuing and completing the Conditions Precedent, the Long Stop date has also passed.

“As such, please consider this as our notice under Clause 9 to terminate the Agreement. The Agreement shall stand terminated without any further obligations and liability on the part of the Seller as per the terms of the Agreement,” the notice said.

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