Securities and Exchange Comission (SECP) has advised OBS Pakistan and Muller & Phipps Ltd., not to proceed further for public offering of their shareholding in AGP Ltd. including registration of bidders, with immediate effect and till further notice.
The process has been halted on the grounds that the matter of repatriation of divestment proceeds of Rs. 6.501 billion to Pharmonte Limited by AGP Private Limited was taken up with the State Bank of Pakistan.
SBP has informed the SECP that it has subsequently taken up the matter of repatriation with Meezan Bank Ltd., (being the acquirer of operations of HSBC Bank Middle East Ltd. in Pakistan) and will inform the Exchange Commission after the response from Meezan Bank is received.
Until further notice, SECP has halted any process for Initial Public Offering of AGP Limited.