Karachi November, 25 2021: Integrated Equities Limited in a notice file to the Pakistan Stock Exchange has notified public announcement of intention to acquire more than 51% of the issued and paid-up share capital and control of Arshad Energy Limited.
Integrated Equities Limited, have been appointed as Manager to Offer by Automotive Plastics (Private) Limited (the “Acquirer), in accordance with the provisions of the Act and the Regulations.
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On behalf of the Acquirer, Integrated Equities pleased to submit a Public Announcement of Intention to acquire more than 51% shareholding of Arshad Energy Limited (the “Target’) together with anagement control thereof.
As per the audited accounts for the year ended June 30, 2021, the Acquirer was principally engaged in the business of manufacturing and dealers of all kinds of plastic materials, auto parts made of each type and description of plastics, polythene, polypropylene and other allied substances.
Having said that, as per the said audited accounts, the Acquirer suspended its commercial operations and has not restarted its commercial operations for the last few years till Reporting Date i.e., 13 September 2021 (the Reporting Date) due to unfavorable market conditions.
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As at Reporting Date, sponsors of the Acquirer through associated companies have expressed their continued financial support to the Acquirer as it has provided its financial support to the Acquirer. Subsequent to Reporting Date, the sponsors of the Acquirer have injected funds in the Acquirer to revive the Acquirer for making investment in another company.
Further, the management is committed to start commercial operations as soon as the market conditions are favorable for business, including in varying lines of business as may be deemed fit. For the time being, the Acquirer holds investments.
