Karachi: AKD Securities Limited has formally announced the withdrawal of a public announcement of intention regarding the acquisition of a significant stake in Escorts Investment Bank Limited. This development marks the conclusion of a proposed transaction aimed at acquiring up to 6.02% of the issued paid-up share capital and control of the bank by Mr. Kamran Malik and Mr. Sheikh Ali Baakza.

The initial public announcement of intention (PAI) was made on January 23, 2026, by the acquirers, Mr. Malik and Mr. Baakza, under the regulatory framework of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The proposed transaction was subject to obtaining necessary regulatory approvals.

According to information available from the Pakistan Stock Exchange (PSX), the time frame for making a formal public announcement of offer expired on November 1, 2026. As a result, the PAI stands withdrawn, effective from the expiry date, as stipulated under Regulation 21(1)(e) of the listed companies’ regulations.

AKD Securities Limited, acting as the Manager to the Offer, conveyed that the withdrawal aligns with the lapse of the designated time period for the public announcement of offer, thereby nullifying the acquisition intentions related to Escorts Investment Bank Limited.