Karachi: The planned acquisition of 83.96% of the ordinary share capital of Calcorp Limited has been withdrawn, according to a statement involving the acquirers Mr. Asif Ali Shaikh, Mr. Muhammad Hanif Shaikh, and Mr. Kashif Mumtaz. The announcement follows an earlier Public Announcement of Intention (PAI) made on February 20, 2024, to pursue the acquisition.
The acquirers, working in collaboration, had initially signaled their intent to acquire the majority stake in Calcorp Limited. However, the latest communication from JS Global Capital Limited, acting as the Manager to the Offer, confirms that this intention will no longer be pursued. The move marks a significant development in the corporate landscape involving Calcorp Limited.
According to information available from the Pakistan Stock Exchange (PSX), the withdrawal of the bid comes after considerations that have not been disclosed to the public. The initial PAI had set the stage for a major shift in Calcorp’s shareholding structure, which will now remain unchanged following the withdrawal.
The letter from JS Global Capital Limited regarding this decision accompanies the disclosure, providing official confirmation of the acquirers’ decision to retract their acquisition plans. No further details regarding the reasons behind the withdrawal have been released.