Arif Habib Limited Announces Extension in Timeline for Acquisition of Baluchistan Wheels Limited Shares

Karachi, Arif Habib Limited has officially announced an extension in the timeline for the public announcement of its offer to acquire up to 8,474,907 ordinary shares of Baluchistan Wheels Limited (BWHL), constituting 63.56% of the total issued and paid-up capital of BWHL. The initial Public Announcement of Intention (PAI) was published on August 9, 2023, signaling the start of the acquisition process by RMS (Private) Limited (the “Acquirer”).

The transaction, pivotal for both entities involved, has encountered delays due to pending regulatory approvals required under the laws of Pakistan. Despite concerted efforts by the parties to expedite these approvals, the completion of the transaction remains contingent upon their receipt.

Originally slated for February 5, 2024, the deadline for the public announcement of the offer has now been extended by ninety (90) days. This extension, communicated on behalf of the Acquirer, aligns with Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations, 2017, including amendments introduced via S.R.O 638(1)/2021 on May 28, 2021, and S.R.O 1828(1)/2022 on September 30, 2022. Consequently, the new deadline for making the Public Announcement of Offer regarding this transaction is set for May 5, 2024.

Arif Habib Limited reassures all stakeholders that it remains committed to adhering to all regulatory requirements and expediting the approval process to facilitate the completion of this significant transaction.