Karachi October 25 2021: Duraid Qureshi, the Chief Executive Officer, showed Intention to acquire up to 332,146,260 ordinary shares of Hum Network Limited, as per information published at Pakistan Stock Exchange (PSX).
This represents 35.15 percent of the total issued paid up capital of the Hum Network Limited. This take total holding of Duraid Qureshi to 59.45 percent as it already holds 24.3 percent in the company.
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Share price quoted on the securities exchange one day before the public announcement of intention is PKR 6.67 per share while the weighted average share price as quoted on the securities exchange during four weeks preceding the date of public announcement of intention is PKR 6.10 per share.
Hum Network turns into profitability this year after two years of losses.
Acquirer details
Duraid Qureshi is the CEO and co-founder of Hum Network Ltd. He started his career in treasury trading and after completing MBA, joined Al Abbas Sugar Mills Ltd as Chief Operation Officer and Resident Director. In 2001, Mr. Duraid joined Moomal Productions as CEO and turned it into the largest production house in the country.
In 2004, he founded Hum Network (formerly Eye Television Network Ltd.) and successfully launched Hum TV in December 2004. Hum Network has three (3) channels operating in entertainment genre Hum TV (GEC), Masala TV (24 food Channel), Hum Sitaray (entertainment and style) and one (1) channel operating in News Genre, Hum News.
HUM has become a household name and the most successful TV Network in the country. Its viewership includes South Asian communities in USA, Canada, UK & the Middle East and has established subsidiaries in the USA, UK as well as the UAE.
Mr. Duraid also has a passion for Publication Business and has launched successful magazines including GLAM & Masala TV Food Mag.
In 2014, Mr. Duraid was also awarded “Pride of LUMS” by Lahore University of Management Sciences, business school alumni.
