Shahzad Habib eyes 84.71% stake in PKGI

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

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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.

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