Karachi, JS Global Capital Limited has announced the withdrawal of its intention to acquire a majority of ordinary shares and control of EFG Hermes Pakistan Limited. The decision comes after unsuccessful negotiations with the seller, rendering the planned takeover unfeasible.

According to the company's manager, Next Capital Limited, JSGCL has formally withdrawn its public announcement of intention under the provisions of Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This withdrawal of intent will be published in the same newspapers where the initial announcement was made, on July 11, 2023 (Tuesday).

As the news of the withdrawal spreads, stakeholders, including employees, investors, and industry analysts, are closely monitoring the implications of this sudden development. The decision will undoubtedly have an impact on the shares and market valuation of both companies, as well as the overall investment climate in Pakistan.