GAZPAK decides not to acquire 51% stakes of LMSM

MG News | October 07, 2021 at 03:56 PM GMT+05:00

0:00

October 07, 2021 (MLN): Landmark Spinning Industries Limited (LMSM), in an announcement to Exchange said that GAZPAK (Pvt) Limited (Acquirer) has decided not to process with acquisition of 51% ordinary shares of the company (Target Company).

The company has received a letter from AKD Securities Limited on October 26,2021 intimating in their capacity as the Manager to offer. As per the notice, the lack of progress in the transaction within the stipulated time period, the previously signed share purchase agreement entered into between sponsor shareholders of the Target and the Acquirer shall stand terminated.

Earlier, on March 26, 2021, GAZPAK Pvt Limited had submitted a Public Announcement of Intention (PAI) to acquire more than 51% of the issued and paid-up share capital of LMSM together with management control.

The principal line of business of GAZPAK is to carry on the business of services legally permissible, and also to make sale, purchase, import, export and to act as general traders for products/commodities.

Related News

Name	Price/Vol	%Chg/NChg
KSE100	155,453.65 121.96M	-0.26% -404.83
ALLSHR	93,069.88 225.39M	-0.34% -315.95
KSE30	47,669.21 73.35M	-0.38% -182.31
KMI30	223,757.81 65.94M	0.02% 38.73
KMIALLSHR	60,373.14 119.53M	-0.28% -168.39
BKTi	44,559.57 21.09M	-1.03% -462.95
OGTi	32,062.08 4.54M	-1.24% -402.26

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	69,540.00	71,145.00 69,345.00	-1285.00 -1.81%
BRENT CRUDE	98.29	101.59 96.00	6.31 6.86%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-10.20 -9.31%
ROTTERDAM COAL MONTHLY	121.50	121.50 120.50	-0.35 -0.29%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	92.97	95.97 88.61	5.72 6.56%
SUGAR #11 WORLD	14.22	14.53 14.18	-0.16 -1.11%