Karachi: Calcorp Limited has announced the approval by its Board of Directors for the prospective sale of its operating assets to Optimus Limited, as disclosed in a communication to the Pakistan Stock Exchange (PSX) on September 20, 2024. The decision is a significant step in the ongoing acquisition process involving 83.96% of Calcorp’s shareholdings by Optimus Limited.

The company, in a follow-up to its initial takeover disclosures from earlier this year, stated that these negotiations follow the extension provided by JS Global Capital Limited on August 27, 2024. According to information available from the Pakistan Stock Exchange (PSX), the sale will include the company’s vehicles, which will be sold at a price no less than their market value. This value will be determined through an independent valuation at the time of the transaction’s execution.

The sale is contingent on the approval of Calcorp’s shareholders, adhering to legal requirements. This development comes as part of the broader in-principal understanding between the acquirers and Optimus Limited regarding the majority stake acquisition in Calcorp Limited.

Stakeholders and TRE Certificate holders of the exchange have been informed as per the regulatory framework outlined in Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations. The completion of this sale is pivotal for the future operations of Calcorp Limited, aligning with the strategic interests of both Calcorp and Optimus Limited.