May 29, 2024 (MLN): Nadeem Nisar has acquired 400,000 voting shares of Engro Polymer & Chemicals Limited (PSX: EPCL) at the rate of Rs43.69 per share on May 24, 2024.
EPCL issued a notice to the Pakistan Stock Exchange (PSX) today, updating market participants on this development.
On account of this acquisition, Nadeem Nisar's total shareholding in the company is 91,181,821 shares which represents 10.03% of the total issued voting shares.
This marks an increase from its previous holding of 90,781,821 shares.
Before EPCL, it is notable that Nadeem Nisar also exceeded the 10% threshold of the total issued, subscribed, and paid-up shares of Pak Suzuki Motor Company (PSX: PSMC), which received delisting approval from PSX on April 26, 2024.
The Voluntary Delisting Committee (VDC) of the local bourse proposed a buy-back price of Rs609 per share, which Suzuki Motor Corporation (SMC), the majority shareholder, agreed to repurchase.
However, Nadeem Nisar, formally contested the delisting price of Pak Suzuki Motors shares, challenging its valuation and citing procedural irregularities.
