The acquirer has announced a 90-day extension for the public announcement of the offer to acquire 2.9 million shares (50%) of Bela Automotives Limited, according to a stock filing on Monday.
Adam Securities Limited is the manager of the offer on behalf of Acquirer Mr. Amir Noman.
“The acquirer is awaiting certain regulatory approvals, and thus the acquirer will not be able to complete all the required procedures for submission of the Public Announcement of Public Offer within 180 days of the Publication of the PAI being 8th Dec 2024,” read the notice sent to the PSX.
The extension moves the deadline to March 8, 2025, following delays in securing necessary regulatory approvals.
The initial Public Announcement of Intention (PAI) for the acquisition was published on June 11, 2024. According to regulations under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the Public Announcement of Public Offer was to be completed within 180 days of the PAI, by December 8, 2024.
The acquirer has informed the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) about the delay and subsequent extension. The new timeline is in line with Regulation 7(1) of the Listed Companies Regulations.
This extension provides additional time for the acquirer to complete regulatory procedures necessary for the acquisition of Bela Automotives Limited.
The company has assured all stakeholders that further updates will be provided as the process progresses.
