Islamabad: BawanyAir Products Limited has finalized its acquisition of Alman Seyyam Sugar Mills (Private) Ltd. (ASSM), purchasing 100% of the shareholding from the sponsor shareholders for a total consideration of PKR 12 billion, as disclosed in a recent announcement.
This strategic acquisition, disclosed on August 2, 2024, was conducted in line with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of Pakistan Stock Exchange (PSX) Regulations. The move represents a significant expansion of BawanyAir's holdings in the sugar industry, previously indicated in a series of announcements regarding its intentions toward ASSM.
According to information available from the Pakistan Stock Exchange (PSX), the transaction involves a substantial financial commitment from BawanyAir, aimed at consolidating its market presence in the sugar sector. This acquisition is a major financial activity that could potentially influence BawanyAir’s market dynamics and financial stability.
The completion of this transaction will require further disclosures and updates to the TRE Certificate Holders of the Exchange, ensuring compliance with regulatory requirements and transparency for investors.