February 4, 2022 (MLN): SAPICO, a major shareholder of Saudi Paki Leasing Company (PSX: SPLC) is in an advanced stage of divestment and signed a non-disclosure agreement with three shortlisted parties, SPLC informed through its progress report sent to PSX on Friday.
As part of the acquisition process, the acquirer has extended the date of Public Announcement of Offer (PAO) by ninety days as admissible under the applicable regulations of the listed company, the report added.
Even if SAPICO remains unsuccessful in materializing the divestment efforts the company will continue with ongoing efforts for implementation of rehabilitation plan duly approved by the board of directors in letter and spirit, it noted.
Subject to the favourable business environment in a normal course without any Force Majeure circumstances i.e. natural calamity or pandemic we expect to meet MER and settle COls and other money market liabilities in coming months.
Furthermore, the report stated that Sindh High Court has decided to hear cases of urgent nature only owing to COVID- 19 pandemic, hence our efforts for a vacation of stay obtained by counterparty against the sale of investment property are being hampered.
The company expects to obtain positive results in this regard as soon as Sindh High Court resumes its normal functioning, the report said.
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