Karachi December 25 2021: Mr. Duraid Qureshi (the “Acquirer”) has made public announcement, through its manager to the offer, to acquire up to 332,146,260 ordinary shares of Hum Network Limited representing 35.15% of the total issued paid up capital of the Target Company on October 25, 2021, according to filling at Pakistan Stock Exchange.
The Public Offer is being made at PKR 7.0/- per ordinary share which is PKR 0.06/- higher than the prescribed minimum price. The share price drop 3.2 percent during the trading at Pakistan Stock Exchange to close the day at PKR 6.66.
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The weighted average share price of the Target Company as quoted on the securities exchange during the last six months preceding the date of Public Announcement of Offer is PKR 6.94 per share while The weighted average share price of the Target Company as quoted on the securities exchange during four weeks preceding the date of Public Announcement of Intention: PKR 6.10 per share.
Price per share calculated on the basis of net assets valued, not earlier than six months before the date of such valuation, by a valuer whose name appears on the list of SBP approved list of valuers: PKR 4.87/- per ordinary share based on the Net Assets Value Certificate, dated November 04, 2021, issued by EY Ford Rhodes, Chartered Accountants. The Net Asset Value Certificate is based on the audited financial accounts for the period ended June 30, 2021 and valuation reports by Tristar International Consultant (Pvt.) Ltd. and Akbani & Javed Associates.
Duraid holds 229,622,000 ordinary shares or 24.30 percent shares of the Hum Network Limited at present.
Mr. Duraid Qureshi along with persons acting in concert, currently holds 29.7 percent shares of the Target while he is also the CEO of the Target. Duraid qureshi intends to increase his shareholding in Hum Network. The company shall continue as a listed company after proposed acquisition and will continue its business operations in the normal manner.
The Public Offer is not conditional on a minimum level of acceptance and shares will be acquired against cash payment by means of bank draft / pay order / cheque in Pak Rupees.
The Public Offer will remain open for acceptance for seven days starting 0900 PST on Monday, February 14, 2022 to 1700 hours on Sunday, February 20, 2022 (Closing Date). Acceptances received after working hours on closing date shall not be entertained and the Offer period shall not be extended.
