November 19, 2020 (MLN): JS Global has withdrawn its intention to acquire up to 77.12% shares of the BIPL Securities Limited (Target Company) under Regulation of the Takeovers Regulations.
To recall, on February 21, 2020, JS Global has submitted a 'Public Announcement of Intention' (PAI) to acquire the above-mentioned shares of BIPL Securities Limited, and the same was also published in Newspapers.
Considering the result of Due Diligence for the acquisition of the Target Company, JS Global Capital Limited has concluded that it is not viable for JS Global to proceed with the intended acquisition.
The information received by BIPL from JS Global said, ‘Public Announcement of Withdrawal will be made in the newspapers in which the Public Announcement of Intention to offer was published in accordance with Regulation 21 (2) of the Takeovers Regulations.'
The Pakistan Stock Exchange is requested to make the above information immediately available to the shareholders of the Target Company under Rule of the PSX Rule Book, the notification said.
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