Arif Habib Limited Announces Cancellation of Acquisition Plans for Hascol Petroleum

Karachi, In a significant shift in corporate strategy, Arif Habib Limited has announced the withdrawal of Millat Global Holdings Limited’s intention to acquire a substantial share in Hascol Petroleum Limited. This reversal comes after the initial public announcement on December 19, 2023, to acquire at least 76% of Hascol through the subscription of new shares.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal notice was published in the Business Recorder and Nawa-i-Waqt on a recent date, as stipulated by Regulation 21(2)(a) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This development marks a notable departure from the acquirer’s previous plans, potentially impacting Hascol Petroleum Limited’s strategic direction and stock market performance.

The original acquisition proposal had been closely watched by investors and analysts, given its potential to reshape the competitive landscape of the petroleum sector in Pakistan. The decision to pull back from this acquisition was not accompanied by a detailed explanation, leaving room for speculation about the underlying reasons for this change in course.

Stakeholders and interested parties have been encouraged to refer to the published notices for further details and can contact Arif Habib Limited for additional information or clarification regarding this unexpected corporate decision.