Karachi: In a turn of events unfolding on October 14, 2026, Mr. Syed Sabur Rehman, who had previously expressed a public intention to acquire 35.06% of shares from Saudi Pak Consultancy Company Limited (SPCL), chose not to participate in the official bidding process. This decision transpired during a meeting held at the Intermarket Securities Limited Office, attended by Mr. Rehman and his financial advisors from IGI Finex Securities.

The meeting, pivotal for the acquisition of controlling shares of SPCL, began with Mr. Rehman voicing concerns about the transparency of the bidding process. Specifically, he pointed to the absence of a disclosed reserve price, a key factor in any acquisition endeavor. Despite the initial discussions and deliberations that ensued, Mr. Rehman opted to exit the meeting in protest. However, he left with a clear declaration of his sustained interest in purchasing the shares.

According to information available from the Pakistan Stock Exchange (PSX), the proposed acquisition had been in the limelight since the public announcement of intention was made on May 12, 2026. The acquisition attempt, as reported by IGI Finex Securities Limited, was conducted under the purview of Section 96 and Section 131 of the Securities Act, 2015, alongside Clause 5.6.1(a) of PSX Regulations.

The unfolding of these events places a spotlight on the market dynamics and regulatory framework governing share acquisitions, particularly in the designated market category. As Mr. Rehman maintains his intent to proceed with acquiring the shares, the situation remains fluid, inviting further developments in the coming weeks.