Karachi: IGI Finex Securities Limited has formally requested an extension of the timeline for the Public Announcement of Offer related to the acquisition of shares in Saudi Pak Consultancy Company Limited by Syed Sabur Rehman. The request, submitted on November 11, 2026, seeks a 90-day extension under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to the latest report dated November 12, 2026, IGI Finex Securities Limited, acting as the Manager to the Offer, is overseeing the acquisition plan involving 15,835,403 ordinary shares, representing 35.06% of Saudi Pak Consultancy Company Limited. These shares are currently held by Saudi Pak Industrial and Agricultural Investment Company Limited. The acquisition process is governed under the Securities Act, 2015, and the relevant regulations pertaining to substantial acquisitions and takeovers.

The original Public Announcement of Intention by the Acquirer, Syed Sabur Rehman, was initially published on May 12, 2026, and subsequently corrected on July 1, 2026. The 180-day period stipulated under Regulation 7(1) for issuing the Public Announcement of Offer was due to expire on November 11, 2026. However, the Acquirer has indicated the need for additional time to fulfill the necessary prerequisites for the acquisition, thus necessitating the extension to February 9, 2027.

According to information available from the Pakistan Stock Exchange (PSX), the extension request and relevant documentation have been distributed to the concerned entities including the Pakistan Stock Exchange Limited, Saudi Pak Consultancy Company Limited, and Syed Sabur Rehman. The Acquirer has also sought a formal acknowledgment or confirmation from the Commission to sanction this extension.

The financial services sector, under which IGI Finex Securities Limited operates, remains attentive to the outcomes of such acquisition processes, given their potential impact on market dynamics and shareholder interests.