Karachi: In a significant move under the Securities Act, 2015, Mr. Syed Sabur Rehman has publicly announced his intention to acquire a 35.06% stake in Saudi Pak Consultancy Company Limited. The announcement, made on June 29, 2026, outlines his plans to take control of the company through a combination of agreements and a public offer.
According to documents submitted under the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, Mr. Rehman intends to secure 15,835,403 shares, representing 35.06% of the company's total issued paid-up capital. The public offer is set to encompass 14,656,548 shares, marking 32.45% of the total.
Mr. Rehman, a Karachi-based businessman, brings extensive experience in the banking, textile, and hotel industries. Educated in the United States, he is well-versed in business operations, finance, and corporate management. His diverse skill set and strategic decision-making capabilities are expected to influence the future direction of Saudi Pak Consultancy Company Limited.
The acquisition process is subject to regulatory approvals, including the "fit and proper" criteria clearance from the Securities and Exchange Commission of Pakistan (SECP). As per the guidelines, the public announcement may be retracted if necessary approvals are not secured.
Mr. Rehman's portfolio includes significant holdings in various companies, controlling more than 30% of shares in several enterprises. Notably, he holds 70% in Progressive Insurance Co Ltd, 98% in Progressive Cargill Petroleum Co Ltd, 95% in Pearl Air Ltd, 99% in Cravings Hotels And Restaurants Ltd Pakistan and UK, and 100% in Progressive International Holding Co Ltd in the UK.
According to information available from the Pakistan Stock Exchange (PSX), these investments reflect Mr. Rehman's robust business acumen and his strategic interests in sectors like insurance, petroleum, airlines, hospitality, and tourism.
The public announcement has been disseminated through the Pakistan Unified Corporate Action Reporting System (PUCARS) for transparency and to keep all stakeholders informed. The outcome of this acquisition attempt will be closely monitored by investors and industry observers alike.