Karachi: In a significant move within Pakistan's textile sector, Usman Shafi has acquired an additional 2.4 million shares of Jubilee Spinning and Weaving Mills Limited (JUBS), as reported on October 4, 2024. This acquisition has increased his total holdings to 3.598 million shares, representing 11.08% of the company's total issued voting shares.

The shares were transferred through a gift deed from Shaukat Shafi, marking a notable increase from Usman Shafi's previous holding of 1.198 million shares. According to information available from the Pakistan Stock Exchange (PSX), this transaction places Usman Shafi among the major shareholders of the company, significantly influencing its strategic direction.

The disclosure, mandated under section 110(1) of the Securities Act, 2015, was formally submitted to the authorities, detailing the particulars of the acquirer. Usman Shafi, now holding over 11% of the voting shares, resides at KDA Scheme No. 1, House No. 51-B, Karachi East. This transaction did not result in changes to the board of directors of JUBS, where Shaukat Shafi, the donor of the shares, holds a minor stake of 529 shares.

This strategic acquisition indicates a potential shift in the control dynamics within Jubilee Spinning and Weaving Mills, setting the stage for future developments in the company's governance and operational strategies.