For less than the price of a house in DHA Karachi, one of Pakistan’s largest rice and agricultural commodity trading companies is about to acquire a publicly listed plastic manufacturing company.
Meskay & Femtee Trading Company (Pvt) Ltd has announced a public offer to acquire up to 74.41% of Mandviwalla Mauser Plastic Industries Limited for approximately Rs207 million. The acquisition is set to take place through a combination of a share purchase agreement and a public tender offer.
According to the public announcement, Meskay & Femtee intends to purchase 21,391,485 ordinary shares, representing 74.41% of the issued share capital of Mandviwalla Mauser, at a price of Rs5.0534 per share. This initial acquisition will be executed through a share purchase agreement with Mr. Azeem H. Mandviwalla, the current majority shareholder.
In addition to the share purchase agreement, Meskay & Femtee is extending a public offer to acquire the remaining 25.59% of shares from minority shareholders at a price of Rs13.47 per share. This offer will remain open for acceptance from March 26, 2025, to April 1, 2025.
The acquisition is being managed by Intermarket Securities Limited, which has confirmed the acquirer’s capability to implement the public offer in accordance with regulatory requirements. Meskay & Femtee has provided a bank guarantee from Habib Metropolitan Bank Limited to ensure adequate financial resources for fulfilling its obligations under the public offer.
Meskay & Femtee, primarily engaged in agricultural processing and trading, views this acquisition as a strategic move to diversify its business portfolio. The company stated that acquiring Mandviwalla Mauser is deemed more feasible than developing a similar business from scratch, providing an immediate and established platform for growth. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
