Next Capital withdraws its intention to acquire 77.12% control of BIPL Securities Ltd

MG News | November 04, 2020 at 03:03 PM GMT+05:00

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November 4, 2020 (MLN): Next Capital Limited has submitted the withdrawal notice regarding the intended acquisition of 77.12% shares and control of BIPL Securities Limited.

For the unversed, on February 8, 2020, Next Capital published 'Public Announcement of Intention' (PAI) to acquire the above-mentioned shares and control of BIPL Securities Limited. The time period for making the public announcement of offer was extended till November 4, 2020 by the Securities and Exchange Commission of Pakistan.

However, due to lack of progress in negotiations, Next Capital has decided not to proceed with the intended acquisition. Therefore, it withdrew its intention to acquire 77.12% shares and control of BIPL Securities Limited under Regulation 21 (1) (b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers).

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