Pending approvals stall Calcorp acquisition process

MG News | November 19, 2024 at 01:08 PM GMT+05:00

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November 19, 2024 (MLN): As Manager to the Offer, JS Global Capital Limited announced the withdrawal of the Public Announcement of Intention (PAI) by Asif Ali Shaikh and co-acquirers to acquire 83.96% of Calcorp Limited (PSX: CASH).

The withdrawal is due to pending regulatory and other approvals before the November 18, 2024, deadline.

The Acquirers remain committed to completing the transaction and will re-issue a fresh PAI after securing the necessary approvals.

This step ensures compliance with the law, and the transaction will proceed as soon as approvals are obtained.

Asif Ali Shaikh is the senior managing partner of Asif Rice Mills (ARM) which is the second-largest rice exporting firm in Pakistan.

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