Karachi: AKD Securities Limited announced the withdrawal of the Public Announcement of Intention to acquire up to 6.02% of the issued paid-up share capital and control of Escorts Investment Bank Limited by Mr. Kamran Malik and Mr. Sheikh Ali Baaza. The initial announcement, made on April 21, 2025, outlined the intent to acquire the shares, subject to regulatory approvals.
The time period for making the Public Announcement of Offer expired on January 16, 2026, as the parties involved are still working to satisfy certain conditions precedent specified in the Share Purchase Agreement. This announcement, made by AKD Securities Limited in their capacity as the Manager to the Offer, indicates that the Public Announcement of Intention stands withdrawn as of the expiry date, in accordance with Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 and the Securities Act 2015.
According to information available from the Pakistan Stock Exchange (PSX), the acquirers remain committed to finalizing the transaction, contingent on the fulfillment of the conditions outlined in the agreement. A new announcement of the Public Announcement of Intention will be communicated through the PSX and published in the same newspapers in accordance with the required formalities.
The withdrawal and subsequent re-announcement are being conducted to ensure adherence to the current regulatory framework, affirming the acquirers’ dedication to the transaction while complying with established legal stipulations.