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Karachi, Bawany Air Products Limited announced a significant move in its corporate strategy by authorizing the acquisition of 100% of Alman Sayyam Sugar Mills (ASSM) shares from its sponsor shareholders. The decision, disclosed during a board meeting that spanned June 24 and 25, 2024, involves a purchase of 48,264,248 shares at a total consideration of PKR 1 billion. This acquisition is contingent on completing all legal formalities, including transaction agreements and necessary approvals.
The Board of Directors convened specifically to discuss non-financial matters, where they also authorized the company’s management to explore various restructuring options. Among the potential strategies is the raising of additional funds through further share issues. The management is tasked with evaluating these options and will present their findings for formal board approval at a later date.
According to information available from the Pakistan Stock Exchange (PSX), the acquisition is aimed at consolidating Bawany Air Products’ position in the market by integrating ASSM’s operations. Certificate holders of the Exchange have been advised to stay informed of further developments as they unfold.