Karachi: The recent public offer for shares in The Pakistan General Insurance Company Limited, led by Mr. Muhammad Shahzad Habib along with his associates and family, has been deemed unsuccessful. The offer, which aimed at acquiring 7.64% of the company's shares, fell short of the minimum acceptance threshold, as disclosed in a submission under the Securities Act, 2015.

According to the official statement, the public offer managed to attract a total of 528,281 shares. This figure is below the threshold set at 5.35%, equivalent to 2,675,471 ordinary shares. As a result of not meeting this criterion, the offer has been classified as unsuccessful, leading to the decision that no shares will be accepted from the offer.

The unsuccessful offer means that the shares tendered will be returned to the applicants. This process is expected to be completed within two working days. The acquisition attempt was managed by LSE Capital Limited, acting as the Manager to the Offer.

According to information available from the Pakistan Stock Exchange (PSX), the failure of the public offer has implications for stakeholders and market dynamics within the designated market category. The letter detailing the unsuccessful outcome has been submitted for market dissemination and uploaded on PUCAR for the benefit of the market and TRE Certificate Holders.