JS Global Capital Announces Extension for Takeover Bid of Calcorp Shares

Karachi: JS Global Capital Limited has notified the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) of a delay in their bid to acquire 9,020,473 shares of Calcorp Limited. The shares in question represent 83.96% of the total issued and paid-up capital of Calcorp. This notice follows the initial Public Announcement of Intention (PAI) published on February 20, 2024.

The original deadline for the Public Announcement of Offer (PAO) was set for August 18, 2024. According to information available from the Pakistan Stock Exchange (PSX), Mr. Asif Ali Shaikh, the acquirer, has encountered delays in completing necessary regulatory procedures, pushing the expected PAO to November 16, 2024, under Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

JS Global assures stakeholders that all reasonable steps are being taken to expedite the remaining regulatory approvals required to finalize the offer. The firm anticipates a positive response from regulators and continues to strive towards completing the acquisition process within the newly extended timeframe.

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