Karachi March 21 2023: The advisor to the offer on behalf of the Tariq Glass (Acquirer) inform that the Acquirer has made a Public Announcement of intention to acquire up to 50 percent of the issued and outstanding ordinary shares/control of MMM Holdings (Private) Limited ("Direct Target").
MWM owns 78.6 percent of the issued and outstanding ordinary shares of Balochistan Glass Limited.
Tariq Glass Industries Limited ("Acquirer"), intends to acquire 50% of the overall paid-up capital of MMM Holding (Private) Limited ("Direct Target") which owns and holds 78.61% of the issued and outstanding ordinary shares of Balochistan Glass Limited ("Indirect Target").
The total Paid up Capital of the Indirect Target Company is Rs. 2,616,000,000 divided into 261,600,000 ordinary shares of Rs. 10/- each. The counterparty to the Agreement shall remain indirect shareholder of 102,822,215 ordinary shares of Indirect Target Company. Therefore, post-acquisition, 55,955,570 shares will remain in public. An offer for 50% of the remaining shares shall be made pursuant to this Public Announcement of Intention in accordance with the applicable laws.
The public announcement of intention to acquire voting shares/control of the MMM Holding (Private) Limited ("Direct Target") which owns and holds 78.61% of the issued and outstanding ordinary shares of Balochistan Glass Limited ("Indirect Target," is subject to obtaining the requisite approval from Competition Commission of Pakistan (CCP). The public announcement of intention may be withdrawn, if the requisite approvals are not granted by CCP.
Over the last 44 years, Tariq Glass industries Limited ("TGL" or the "Company") has emerged as a premier glass manufacturing organization of international standards and prominence. TGL possess largest state of the art glass manufacturing facilities in the Country whilst achieving global standards. The Company has built formidable reputation of being a premier manufacturer of tableware, float glass, container-ware and opal glass in Pakistan. Apart from domestic sales this success is now fast spreading to international markets of over 40 countries across Europe, South America, Africa and Asia.