LAHORE: Naubahar Bottling on Thursday expressed an interest in acquiring a 98.23% majority stake in Baba Farid Sugar Mills Limited.
In a notification sent to the Pakistan Stock Exchange (PSX), the manager to the offer AKD Securities Limited said Naubahar Bottling was interested in acquiring 98.23% of the issued share capital of Baba Farid Sugar Mills.
“We, AKD Securities Limited have been appointed as the Manager to the Offer by Naubahar Bottling Company (Private) Limited, Mr. Muhammad Shamim Khan, Mrs. Qaiser Shamim Khan, Mr. Adnan Ahmed Khan and Mr. Nauman Ahmed Khan (the “acquirers”), in accordance with the provisions of the act and the regulations,” the notification read.
“In accordance with the listed companies (substantial acquisition of voting shares and take-overs) regulations, 2017 read with Securities Act, 2015 (“Act”), we are pleased to submit a Public Announcement of Intention on behalf of Naubahar Bottling Company (Private) Limited, Mr Muhammad Shamim Khan, Mrs Qaiser Shamim Khan, Mr Adnan Ahmed Khan and Mr Nauman Ahmed Khan to acquire 9,282,728 ordinary shares of Baba Farid Sugar Mills Limited constituting 98.23% of the issued share capital of the Target Company, together with management control,” said AKD Securities.
Baba Farid Sugar Mills Limited manufactures and sells sugar products in Pakistan. It also offers molasses and V. filter cakes.
The company was founded in 1978 and is based in Lahore and is a subsidiary of Pattoki Sugar Mills Limited.
Baba Farid sugar mills shares were trading at Rs38.0, down Rs1.00 (-2.56%). KSE-100 index was trading at 38,960.09 points, down 311.05 points (-0.79%) at time of filing this report.