Arif Habib Limited Announces Withdrawal of Acquisition Intent for Escorts Investment Bank

Karachi, Arif Habib Limited, serving as the Manager to the Offer, has announced the withdrawal of the public announcement of intention to acquire 87.96% of the ordinary share capital of Escorts Investment Bank Limited. According to information available from the Pakistan Stock Exchange (PSX), the initial Public Announcement of Intention was made by RMS (Private) Limited, aiming to acquire up to 119,279,077 ordinary shares of Escorts Investment Bank. This represented 87.96% of the total issued share capital of the target company.

The withdrawal notice has been published in the latest editions of Business Recorder and Nawai Waqt, as required by the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, and the Securities Act 2015. The decision to withdraw follows the lapse of the extended deadline for making the public announcement of the offer on May 12, 2024, due to outstanding regulatory and other approvals.

For additional information or clarification, interested parties are encouraged to contact the officials at Arif Habib Limited.