Acquirers withdraw acquisition offer for 83.96% stake in Calcorp Limited

JS Global Capital Limited, acting as the manager for the acquisition bid by Mr. Asif Ali Shaikh, Muhammad Hanif Shaikh, and Kashif Mumtaz, announced the withdrawal of its public acquisition offer for 83.96% of Calcorp Limited’s ordinary share capital. 

The original Public Announcement of Intention (PAI) to acquire up to 9,020,473 shares was published in February 2024, followed by a corrigendum in March.

In a formal notification to the Pakistan Stock Exchange (PSX) and Securities and Exchange Commission of Pakistan (SECP) on Friday, JS Global stated that the extended period for making a public acquisition offer would expire on November 18, 2024. The decision to withdraw the PAI was attributed to outstanding regulatory and other approvals, which remain pending.

Under the applicable regulations, JS Global clarified that the PAI’s withdrawal is in compliance with the Securities Act 2015 and Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The acquirers remain committed to proceeding with the acquisition once the necessary approvals are secured. 

A fresh PAI will be issued in accordance with regulatory formalities, with notices published in newspapers within two working days of the re-issuance.

JS Global emphasized that this withdrawal and re-issuance process aligns with legal requirements and ensures transparency in the acquisition proceedings.