Acquirers submit fresh intention to acquire 83.96% shares of Calcorp Limited

A fresh Public Announcement of Intention (PAI) to acquire up to 83.96% of the ordinary shares of Calcorp Limited has been submitted by Mr. Asif Ali Shaikh, Mr. Muhammad Hanif Shaikh, and Mr. Kashif Mumtaz, according to a stock filing on Tuesday. 

JS Global Capital Limited has been appointed as the Manager to the Offer by the Acquirers.

“We are pleased to submit a fresh PAI by Acquirers to acquire up to 9,020,473 ordinary shares of Calcorp Limited (the “Target Company”) representing 83.96% of the total issued paid-up capital of the Target Company, subject to receipt of requisite regulatory and other approvals,” JS Global Capital said in a notice on behalf of acquirers.

The proposed acquisition, representing 9,020,473 shares of the company’s total paid-up capital, is subject to regulatory and other requisite approvals.

The announcement follows the withdrawal of the previous PAI on November 17, 2024, after the prescribed time period for making the Public Announcement of Offer lapsed. 

According to the PSX notice, the PAI will be published in newspapers on December 5, 2024, as required under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The acquirers have reiterated their commitment to completing the transaction upon receiving necessary regulatory approvals.