Karachi: In a significant development within the Pakistani corporate sector, Calcorp Limited has disclosed a major share transaction involving a substantial portion of its equity. On October 15, 2024, Optimus Limited reported to Calcorp Limited that a consortium consisting of three individuals—Asif Ali Sheikh, Muhammed Hanif, and Kashif Mumtaz—has executed a Share Purchase Agreement (SPA). The agreement stipulates the sale of Optimus Limited's entire shareholding in Calcorp, which comprises 9.02 million shares or 83.96% of the issued share capital of the company.
This transaction, which aligns with the requirements of Sections 96 and 131 of the Securities Act 2015 and Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, is poised to significantly reshape the ownership structure of Calcorp Limited. According to information available from the Pakistan Stock Exchange (PSX), the completion of this deal hinges on the fulfillment of several conditions including regulatory approvals and the successful conclusion of other closing formalities.
Further implications of the agreement include a mandatory public offer by the acquiring consortium, aimed at obtaining the remaining shares of the company. This move could potentially influence Calcorp’s strategic direction and operational focus moving forward.
Muhammad Zafar Iqbal, Company Secretary of Calcorp Limited, in a letter addressed to the General Manager of the Pakistan Stock Exchange, requested that the TRE Certificate Holders of the Exchange be informed of this significant change.
The disclosure by Calcorp Limited reflects the company's adherence to corporate transparency and compliance with market regulations, ensuring that all stakeholders are adequately informed of significant corporate actions that could affect their interests.