Karachi: IGI Finex Securities Limited has formally requested an extension for the Public Announcement of Offer concerning the acquisition of Saudi Pak Consultancy Company Limited's shares by Syed Sabur Rehman. This development comes under Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The request was detailed in a report dated November 12, 2026.

Syed Sabur Rehman, identified as the Acquirer, aims to purchase 15,835,403 ordinary shares, equivalent to 35.06% of Saudi Pak Consultancy Company Limited (SPCL). These shares are currently held by Saudi Pak Industrial and Agricultural Investment Company Limited. The acquisition is guided by the Securities Act, 2015, and the aforementioned Regulations.

Originally, the Public Announcement of Intention was made on May 12, 2026, with a subsequent corrigendum issued on July 1, 2026. According to the regulatory framework, the deadline for the Public Announcement of Offer was set to expire on November 11, 2026, marking 180 days since the original announcement.

However, the Acquirer has indicated the need for additional time to finalize the requisite procedures for the acquisition and the subsequent Public Offer. Consequently, IGI Finex Securities Limited has been instructed by the Acquirer, through a letter dated November 11, 2026, to seek a 90-day extension for making the Public Announcement of Offer. This extension pushes the deadline to February 9, 2027.

According to information available from the Pakistan Stock Exchange (PSX), the extension request is pending any necessary acknowledgments or confirmations from the relevant authorities. IGI Finex Securities Limited has communicated this extension to the Pakistan Stock Exchange Limited, Saudi Pak Consultancy Company Limited, and Syed Sabur Rehman.

The designated market category for this acquisition remains focused on the financial sector, reflecting the strategic interest in expanding control over SPCL by the Acquirer.