Pakistan Stock Exchange Announces Material Information Disclosure from a Listed Company

Karachi, In a recent disclosure to the Pakistan Stock Exchange (PSE), a notable development has emerged involving a listed company and Millat Global Holdings. The company, adhering to Section 96 and 131 of the Securities Act, 2015, along with Clause 5.6.1(a) of PSX Regulations, announced a significant step forward in its potential partnership with Millat Global Holdings. This announcement follows the initial Disclosure of Material Information shared by the company on 18th December 2023, regarding a Non-Binding Letter of Intent it had received from Millat Global Holdings.

The latest communication reveals that the company has received a conditional offer from Millat Global Holdings. This development came to light following a board meeting that took place yesterday. During this meeting, a resolution was passed authorizing the company’s management to closely evaluate the offer received on March 25, 2024. The management is further empowered to engage in detailed discussions with Millat Global Holdings. These discussions are aimed at acquiring additional details and clarifications regarding the offer. The resolution also includes provisions for the management to prepare and submit recommendations to the board for its subsequent review and decision.

This progression marks a pivotal phase in the negotiation and evaluation process between the company and Millat Global Holdings. It reflects a structured approach towards a potential collaboration or partnership, subject to thorough due diligence and further board approvals.

The exchange has advised that TREC holders be informed about these developments accordingly.