Muhammad Hameed Acquires Major Stake in Service Industries Textiles Limited

Karachi, In a recent transaction highlighted on June 24, 2024, Muhammad Hameed has notably increased his shareholding in Service Industries Textiles Limited through inheritance, as disclosed under the requirements of the Securities Act, 2015. Hameed acquired 2,149,452 shares, representing 15.59% of the company, and subsequently transferred a significant portion to his siblings.

The transaction, dated January 17, 2024, involved the acquisition of shares at an undisclosed rate per share and was part of an inheritance that also led to Hameed transferring 1,289,670 shares to his siblings on June 5, 2024. This move has left him with a total of 3,271,162 shares, accounting for 23.73% of the total issued voting shares of Service Industries Textiles Limited. Notably, this transaction is exempt from part IX of the Act, except for its reporting requirements, according to section 109(1)(d).

Before this acquisition, Muhammad Hameed was already holding 2,411,380 shares, equating to 17.49% of the company. According to information available from the Pakistan Stock Exchange (PSX), this strategic increment in shares strengthens Hameed’s influence over the company, marking a significant shift in its ownership structure.

Muhammad Hameed’s detailed information, as required by regulation, includes his address at 76 Sarwar Colony, Lahore, and his CNIC number 35202-9697886-9. However, details such as the names and addresses of the board of directors or persons acting in concert with the acquirer are not applicable in this case.

This transaction highlights the ongoing shifts in shareholding patterns within major Pakistani industries and the role of inheritance in such substantial financial movements.