LAHORE: Next Capital on Tuesday announced its clients’ intention to acquire an additional 49.9% majority stake in Johnson and Phillips Pakistan Limited which manufactures, installs, and sells electrical equipment for government and semi-government organizations in the country.
In a notification sent to the Pakistan Stock Exchange (PSX), Next Capital said, “On behalf of our client, Mr Muhammad Anis Mianoor, we Next Capital Limited, hereby submit acquirer’s public announcement of intention to acquire additional 49.90% shares of Johnson and Phillips (Pakistan) Limited.”
The notification stated that the acquirer already had a 9.4% shareholding in Johnson and Phillips (Pakistan) Limited.
Furthermore, Next Capital Limited said it had been appointed as manager to the offer by the acquirer and the public announcement of the intention to acquire would be published in one English and Urdu newspaper.
If the acquisition is approved, the acquirer will hold a 59.3% majority shareholding in Johnson and Phillips (Pakistan) Limited.
The target company Johnson and Phillips losses for the year ended June 2018 stood at Rs49,166,000 compared to Rs70,503,000 a year before.
It reported net sales of Rs6,312,000 in the aforementioned period compared to Rs22,924,000 the year before and additions to property, plant and equipment were Rs115,000 against Rs122,000 a year ago.
Also, its loss per basic and diluted share was Rs9.02 during the year ended June 2018 against Rs12.94 the year before.
Johnson and Phillips (Pakistan) Ltd was founded in 1948 and has been present for seven decades in the country and is headquartered in Karachi.
The company offers a range of products, including high voltage switchgears comprising vacuum circuit and oil circuit breakers; high and low voltage current and potential transformers; matching current transformers; high and low voltage epoxy cast insulators; power generators; kiosk type substations; and distribution transformers.
And it provides power and instrument transformers; metal-clad distribution switchgears; and power factor improvement plants.
It has a market capitalization of Rs343.90 million and counts itself amongst the first foreign company to have opened an office in Pakistan after independence in August 1947.
The company’s shares ended trading at Rs63.10, up Rs3.0 (+4.99%). KSE-100 index closed trading at 40,894.22 points, down 122.67 points (-0.30%) on Tuesday.