Karachi July 10 2023: JS Global Capital Limited withdraw its intention to acquire at least 51% of the issued and outstanding ordinary shares and control of EFG Hermes Pakistan Limited due to unsuccessful negotiations with the seller.
The Next Capital informed that “on behalf of JS Global Capital Limited, the Acquirer, the Manager to the Offer hereby submit Acquirer's announcement to withdraw its intention to acquire at least 51% of the issued and outstanding ordinary shares and control of EFG Hermes Pakistan Limited ("Target").”
However, due to unsuccessful negotiations with the seller, it is no longer feasible for the Acquirer to continue with the intended takeover.
The Acquirer hereby withdraws its intention to acquire at least 51% of the issued and outstanding ordinary shares and control of EFG Hermes Pakistan Limited under Regulation 21(l)(b) of the Listed Companies, Substantial Acquisition of Voting Shares and Takeovers, Regulations, 2017
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