The Pakistan General Insurance Company Limited (PKGI) has received ng a Notice of Public Announcement of Intention (PAI) from Mr. Muhammad Shahzad Habib and his associates through LSE Capital Limited, being Manager to the Offer, to acquire at least 84.71% ordinary shares of PKGI from their sponsors, according to a stock filing on Friday.
The company said in its notice that Mr. Muhammad Shahzad Habib and his associates have already acquired 60.94% of the issued and outstanding shares of the target company.
Additionally, the acquirer has entered into a share purchase agreement for an additional 23.77%, further increasing its stake beyond the initial 60.94% and the process of Public Offer pertaining to the public portion is to be completed.
“On the instructions of the Securities & Exchange Commission of Pakistan (SECP) vide their No. 2(462)SMD/Adj-I/2022/377 dated August 23, 2024, the process of a mandatory public offer in terms of Section 111 of the Securities Act, 2015 and the relevant provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (Takeover Regulations) is being initiated by the acquirer,” read the notice.
