Millat Global Holdings withdraws acquisition offer for Hascol Petroleum 

Expiry of public announcement of intention period leads to withdrawal

Arif Habib Limited has withdrawn the public announcement of intention (PAI) made by Millat Global Holdings Limited to acquire at least 76% shareholding in Hascol Petroleum Limited. 

“We, Arif Habib Limited, in our capacity as Manager to the Offer, would like to intimate that the time period for making the public announcement of offer lapsed on June 16, 2024,” the securities brokerage firm said in its notice to the Pakistan Stock Exchange (PSX).

The announcement was initially made on December 19, 2023, and published in newspapers on December 20, 2023.

According to Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, read with the Securities Act 2015, the PAI is now officially withdrawn, read the notice.

It further stated that the withdrawal process is being conducted to ensure compliance with legal requirements. 

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