Karachi: IWT Investments has formally withdrawn its intention to acquire more than 50% of the ordinary shares and control of Pak Gulf Leasing Company Limited, the company announced. This development follows a Public Announcement of Intention (PAI) initially made on April 17, 2025, and subsequently published on April 18, 2025, in Business Recorder and Nawa-i-Waqt. The withdrawal has been made to comply with regulatory requirements.

The acquisition plan was put on hold as Rafi Securities (Pvt.) Limited, acting on behalf of IWT Investments, seeks the necessary approval from the Securities and Exchange Commission of Pakistan to serve as Consultant to the Issue. This procedural step is essential to ensure alignment with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the market has categorized this withdrawal as a moderate move. The announcement reflects the acquirer's commitment to adhere to the legal frameworks governing share acquisitions and takeovers.

Rafi Securities (Pvt.) Limited emphasized that the withdrawal process is a strategic measure to fulfill compliance obligations under the prevailing legislation. The company has indicated that further steps regarding the acquisition will be considered following the completion of the necessary approval procedures.