Substantial Share Acquisition by Hussain Dawood in Dawood Lawrencepur Limited

Karachi: In a significant financial move, Hussain Dawood, a substantial shareholder in Dawood Lawrencepur Limited, has increased his holdings in the company, as officially reported to the Pakistan Stock Exchange (PSX) on July 2, 2024. According to information available from the Pakistan Stock Exchange (PSX), Dawood acquired an additional 985,354 voting shares at a price of Rs. 239.98 per share. This transaction has raised his total shareholding to 6,292,053 shares, constituting 10.6156% of the total issued voting shares.

This disclosure, mandated under Clause 5.6.5 of the PSX Rule Book and Section 110 of the Securities Act, 2015, signifies a notable increase in Dawood’s stake, reflecting his enhanced commitment to the company’s future. This transaction further aligns with the legal requirements stipulating that substantial shareholder must report significant changes in their shareholding positions.

The acquisition details, reported under the comprehensive guidelines of Section 110 of the Securities Act, 2015, outline that prior to this purchase, Dawood held 5,306,699 shares. The new acquisition underscores a strategic positioning in the governance of Dawood Lawrencepur, although it was noted that Dawood does not seek representation on the board of directors, nor are there any individuals acting in concert with him.

This development is expected to be reviewed in the forthcoming board meeting, where implications of the increased shareholding will be discussed. The transaction not only demonstrates Dawood’s bullish outlook on the company but also ensures compliance with regulatory standards aimed at maintaining transparency and fairness in the trading environments of publicly listed companies.