Mr. Asif Ali Shaikh Announces Intention to Acquire Major Share in Calcorp Limited

Karachi, A significant shift in the corporate landscape is underway as Mr. Asif Ali Shaikh, in collaboration with Mr. Muhammad Hanif Shaikh and Mr. Kashif Mumtaz, announced their intention to acquire approximately 83.96% of the shares and control of Calcorp Limited. The announcement, initially published on February 22, 2024, in Daily Jang and The News, is made under the regulatory framework of the Securities Act, 2015.

This development follows the Public Announcement of Intention (PAI), as stipulated under the Securities Act, where Mr. Asif Ali Shaikh reported inaccuracies regarding his shareholdings and personal information. Specifically, the original PAI mistakenly stated “Nil” in relation to Mr. Shaikh’s holdings in other companies, whereas he owns more than thirty percent in four separate private entities. Moreover, a correction has been made to Mr. Shaikh’s CNIC number, from 42301-9048519-9 to 42301-9048519-1, to ensure accuracy in the official records.

The corrections and clarifications have been formally acknowledged and are set to be published in Daily Jang and The News on March 14, 2024, as per the requirements of Regulation 6(8) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Aside from the aforementioned amendments, the rest of the PAI’s contents will remain unchanged. This move marks a significant step towards a major acquisition within Pakistan’s corporate sector, signaling potential shifts in the industry’s dynamics.