Next Capital gets approval to extend PAO to acquire up to 77.12% control of BIPL Securities till Nov 4th

By MG News | August 11, 2020 at 01:52 PM GMT+05:00

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August 11, 2020 (MLN): Next Capital Limited has obtained the approval from SECP to make public announcement to acquire up to 77.12% shares and control of BIPL Securities Limited till November 4, 2020.

Since the Acquirer (Next Capital) is in the process of conducting due diligence of the Target (BIPL Securities Limited), the Acquirer had requested an extension of 90 days in making the Public Announcement of Offer which was to be made by August 6th, 2020.

For the unversed, on February 6th, 2020, Next Capital Limited made Public Announcement of Intention to acquire up to 77.12% stake in BIPL Securities Limited. In this regard, Alfalah CLSA Securities (Pvt.) Limited is acting in the capacity of Manager to the Offer for this acquisition.

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