ESBL rejects RMS Limited's bid to acquire majority stake

MG News | February 27, 2024 at 03:04 PM GMT+05:00

0:00

February 27, 2024 (MLN): Escorts Investment Bank Limited (PSX: ESBL) has declined RMS (Private) Limited's offer to acquire up to 87.96% of the company's ordinary shares, as stated in a notification issued by ESBL on PSX today.

To recall, RMS Limited made the offer to acquire a majority stake in ESBL on August 16, 2023.

ESBL has stated that it currently has no intention to sell the company, which is why it is declining the offer.

The company is licensed to carry out investment finance services, as a Non-Banking Finance Company.

At the time of writing, the company's scrip is trading under the green zone, with a gain of 25 paisa or 5.81% DoD.

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