Thall to pursue acquisition talks with SECMC stakeholders

April 25, 2024 (MLN): The management of Thal Limited (PSX: Thall) has decided to engage in discussions with Pakistani stakeholders of Sindh Engro Coal Mining Company Limited (SECMC) to potentially acquire a portion of shares currently being offered by Habib Bank Limited (PSX: HBL).

This decision is in compliance with the Shareholders Agreement dated August 17, 2015, involving the Company, HUBCO, and HBL.

"We have been made aware, through Hub Power Company Limited’s (HUBCO) disclosure letters, dated January 16, 2024 (reference number PSX – 8196) and February 16, 2024 (reference number PSX – 8205), and subsequent shareholders' discussions, of HUBCO’s intention to acquire shares of SECMC, amounting to approximately 9.5% of the issued and paid-up ordinary share capital of SECMC, held by HBL," the notice issued to PSX reads.

The company has decided to enter into discussions with the Pakistani shareholders of SECMC for the acquisition of a portion of the shares being offered by HBL, to ensure that the company’s shareholding in SECMC is not less than any other private shareholder of SECMC at all times, it added.

The proposed acquisition is contingent upon the execution of the relevant agreements, receipt of corporate/regulatory approvals, and lender consent.

Copyright Mettis Link News