RMS withdraws bid for major stake in Escorts Investment Bank

May 13, 2024 (MLN): RMS (Private) Limited has withdrawn its Public Announcement of Intention (PAI) to acquire 87.96% of the ordinary share capital of Escorts Investment Bank Limited.

Arif Habib Limited (AHL), the manager to the offer shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

Earlier, RMS (Private) Limited had submitted a PAI to directly or indirectly acquire up to 119,279,077 ordinary shares of Escorts Investment Bank Limited, representing 87.96 % of the total issued share capital of the company.

However, the time period for making the public announcement of offer lapsed on May 12, 2024 as certain regulatory and other approvals for the transaction remain outstanding.

In the premises, and pursuant to Regulation 21(1)(e) of the Listed Companies, “we hereby give notice that as of the Expiry Date, the PAI stands withdrawn,” the notice reads.

This process of withdrawal is being undertaken to ensure compliance with the law, it said.

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