Karachi: AKD Securities Limited has announced the withdrawal of the public announcement of intention to acquire a 6.02% stake in Escorts Investment Bank Limited. The bid, initially put forth by Mr. Kamran Malik and Mr. Sheikh Ali Baakza, was subject to regulatory approvals under the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares And Takeovers) Regulations, 2017.

The acquisition attempt was first made public on January 23, 2026, when Mr. Malik and Mr. Baakza expressed their intention to purchase a portion of the issued paid-up share capital of Escorts Investment Bank Limited. However, the stipulated time frame for completing the necessary Public Announcement of Offer expired on November 1, 2026.

According to information available from the Pakistan Stock Exchange (PSX), AKD Securities Limited, acting as the Manager to the Offer, confirmed that due to the lapse of the designated time period, the public announcement of intention is now officially withdrawn. This decision falls in line with Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017, as well as the Securities Act 2015.

The withdrawal marks a significant development in the market, impacting the potential consolidation in the financial sector, specifically within the designated market category of investment banks. The decision not only affects the immediate stakeholders but also the broader market dynamics as potential mergers and acquisitions are a focal point for investors seeking growth and consolidation opportunities.