Shahzad Habib eyes 84.71% stake in PKGI

MG News | October 11, 2024 at 05:19 PM GMT+05:00

0:00

October 11, 2024 (MLN): The Pakistan General Insurance Company Limited (PSX: PKGI) has received a Notice of Public Announcement of Intention (PAI) from Muhammad Shahzad Habib (and his associates) through LSE Capital Limited (LSECL), being Manager to the Offer, to acquire at least 84.71% ordinary shares of PKGI from their sponsors.

Muhammad Shahzad Habib (and his associates) have already acquired 60.94% of the issued and outstanding shares of the target company.

Additionally, the acquirer has entered into a share purchase agreement for an additional 23.77%, further increasing its stake beyond the initial 60.94%, and the process of Public Offer Pertaining to the public portion is to be completed.

On the instructions of the Securities & Exchange Commission of Pakistan (SECP), the process of a mandatory public offer and the relevant provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (Takeover Regulations) is being initiated by the acquirer.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	139,390.42 291.21M	0.71% 978.17
ALLSHR	86,260.96 576.29M	0.65% 558.00
KSE30	42,618.60 119.41M	0.86% 363.76
KMI30	196,907.86 123.77M	1.44% 2798.27
KMIALLSHR	57,276.87 259.26M	0.99% 563.20
BKTi	37,820.27 20.77M	-0.03% -11.06
OGTi	28,214.64 47.07M	2.82% 774.00

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,945.00	119,785.00 117,905.00	1325.00 1.13%
BRENT CRUDE	71.31	72.82 71.30	-1.16 -1.60%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	2.20 2.33%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.50	-0.30 -0.29%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.85	70.41 68.85	-1.15 -1.64%
SUGAR #11 WORLD	16.39	16.61 16.28	-0.06 -0.36%