ARL receives offer for sale of 70% stake in Attock Hospital

Attock Refinery Limited (ARL) has received an offer from its Chairman and Director, Mr. Shuaib A. Malik, to acquire a 70% shareholding in its wholly owned subsidiary, Attock Hospital (Private) Limited.

The company disclosed the development in a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday, saying the proposal would be placed before its Board of Directors for consideration and approval.

Attock Hospital is an unlisted company currently owned entirely by Attock Refinery Limited. If the proposed transaction is completed, Mr. Shuaib A. Malik would acquire a controlling stake in the hospital, while the ARL’s shareholding would decline from 100% to 30%.

Attock Refinery did not disclose the proposed acquisition price, valuation of the hospital, payment structure or other commercial terms of the offer in its notice.

The company clarified that the receipt of the offer did not constitute a completed transaction. Any deal would remain subject to the finalisation of terms and conditions, the signing of definitive agreements and the receipt of all required corporate and regulatory approvals.

The proposal will first require consideration and approval from Attock Refinery’s Board of Directors. Further approvals may also be required because the offer has been submitted by the company’s chairman and director for the acquisition of a majority stake in its subsidiary.

No timeline was provided for the board’s consideration of the offer or the possible completion of the transaction.

The company said it would keep the PSX informed of any further material developments relating to the proposed transaction.