Lahore: Shahzad Saleem, Executive Director of Nishat (Chunian) Limited, has significantly increased his stake in the company with the acquisition of 32,689,338 shares from Nishat Mills Limited. The transaction, executed on October 8, 2024, was part of a Scheme of Arrangement approved by the Lahore High Court and results in Saleem holding 36.56% of the company's total issued voting shares.

According to information available from the Pakistan Stock Exchange (PSX), the transaction was carried out through the Central Depository Company (CDC) and effectively raises Saleem's cumulative shareholding in Nishat (Chunian) Limited to 87,799,970 shares. Prior to this acquisition, Saleem held 55,110,632 shares, equivalent to 22.95% of the company.

The disclosure of this transaction, made on November 11, 2024, aligns with the requirements of Section 109 of the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The transaction will be reviewed in an upcoming board meeting to ensure compliance with PSX regulations.

This acquisition does not trigger part IX of the Securities Act, 2015, except for reporting purposes, as confirmed by Saleem. The acquisition and its details have been duly reported to the Pakistan Stock Exchange, the Chief Executive of Nishat (Chunian) Limited, and the Securities and Exchange Commission of Pakistan.