Karachi: AKD Securities Limited has issued a public announcement of intention to acquire up to 6.02% of the issued and paid-up share capital and control of Escorts Investment Bank Limited. This acquisition is being conducted under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The report, dated November 10, 2026, details that AKD Securities Limited has been appointed as the Manager to the Offer by the acquirers, Mr. Kamran Malik and Mr. Sheikh Ali Baakza. The proposed acquisition is subject to receiving the necessary regulatory approvals, including from the Securities and Exchange Commission of Pakistan (SECP).
The acquisition outline includes a Share Purchase Agreement for 119,279,077 shares, which represents 87.9639% of the company, alongside a public offer for an additional 8,160,462 shares, corresponding to 6.02%. According to information available from the Pakistan Stock Exchange (PSX), this move represents a very large or significant move in the market category.
Mr. Kamran Malik, a wealth management professional with extensive experience in global financial institutions, and Mr. Sheikh Ali Baakza, a business executive with a diverse portfolio in international trade and aviation technology services, are leading the acquisition. Both acquirers are Pakistani nationals with a history of significant involvement in various sectors, including commodity trading and IT services.
The acquirers have established a substantial presence in private limited companies within Pakistan, with Mr. Sheikh Ali Baakza holding significant shares in Northstar International Pvt. Ltd, Ace International Pvt. Ltd., and Unicorn Commodities Pvt. Ltd., among others. Mr. Malik brings a wealth of experience in investment advisory and securities trading, underscoring the strategic intent behind the acquisition.
The announcement also highlights the potential for the public announcement of intention to be withdrawn if the required approvals are not granted by the regulatory authority.