IWT Investments has formally withdrawn its public intention to acquire more than 50% of the voting shares and control of Pak Gulf Leasing Company Limited, citing procedural compliance issues.
In a notice submitted to the Pakistan Stock Exchange (PSX), Rafi Securities (Pvt.) Limited, acting on behalf of the acquirer, stated that the Public Announcement of Intention (PAI), originally published on April 18 in Business Recorder and Nawa-i-Waqt, is being voluntarily withdrawn. The PAI was issued under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The withdrawal follows the ongoing process of Rafi Securities seeking approval from the Securities and Exchange Commission of Pakistan (SECP) to act as Consultant to the Issue — a regulatory prerequisite for proceeding with the acquisition.
The firm clarified that the decision to withdraw the PAI was taken to ensure full compliance with the applicable laws and that the process aligns with the requirements of the SECP and takeover regulations.
