Karachi: JS Global Capital Limited has officially withdrawn its public announcement of intention to acquire a substantial 83.96% shareholding in Calcorp Limited, citing outstanding regulatory approvals as the primary reason for the retraction. The withdrawal comes after the initial announcement on February 22, 2024, which was followed by a corrigendum on March 14, 2024.
According to information available from the Pakistan Stock Exchange (PSX), the intention was to purchase up to 9,020,473 ordinary shares of Calcorp Limited. However, the Acquirers, comprising Mr. Asif Ali Shaikh, Mr. Muhammad Hanif Shaikh, and Mr. Kashif Mumtaz, have been unable to secure the necessary regulatory and other approvals before the specified expiry date of November 18, 2024.
JS Global Capital Limited, acting as the Manager to the Offer, stated that the withdrawal is in compliance with Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, as well as the Securities Act 2015. The Acquirers remain committed to the transaction and plan to issue a fresh public announcement of intention once the pending approvals are obtained.
The new announcement will be communicated through the Pakistan Stock Exchange and published in the same newspapers, The News and Daily Jung, within two working days of notification. This procedural withdrawal and re-issuance aim to ensure compliance with existing legal regulations and facilitate the completion of the transaction as soon as all approvals are secured.