April 19, 2023 (MLN): MMM Holding (Private) Limited (MMM) acquired a further 15 million ordinary shares of Baluchistan Glass Limited (BGL) on April 17, 2023, the management of Tariq Glass Industries Limited (TGL) informed through a notification to exchange.
Accordingly, the shareholding of MMM in BGL has increased from 205.64mn ordinary shares (i.e., 78.61%) as mentioned in PAI to 220.64 ordinary shares now comprising 84.34% of the issued and outstanding ordinary shares of BGL.
Subsequently, the information regarding the number of shares and percentage of BGL shares to be acquired indirectly by the Acquirer will be as under:
Intended acquisition through
Number of shares of Indirect
Percentage
Target Agreement (to be concluded)
110,322,215
42.17%
Public offer*
20,477,785
7.82%
*The total paid-up capital of BGL is Rs2.61 billion divided into 261.6mn ordinary shares of Rs10/- each.
The counterparty to the Agreement shall remain an indirect shareholder of 110.32mn ordinary shares of BGL.
An offer for 50% of the remaining shares shall be made pursuant to the PAI made on March 21, 2023.
To recall, Tariq Glass Industries Limited (the "Acquirer") through Manager to the Offer, AKD Securities Limited (AKDS) made a PAI on March 21, 2023, under the applicable provisions of the Listed Companies for the acquisition of up to 50% of the issued and outstanding ordinary shares/control of MMM Holding.
