Tuesday, December 27, 2011

Update: Wazir Ali Industries Limited - Buy Back of Shares and subsequent Delisting

Subsequent to the previous post on the same.

The revised price for buy-back has been increased to PKR 14.50 per share, subject to purchase of at least 25,000 ordinary shares out of the total 1,367,196 ordinary shares outstanding with the shareholders other than sponsors, to quality for delisting.

Source: Pakistan Company News

Friday, December 16, 2011

Fauji Foundation to acquire AWT's shareholding in Askari Bank Limited

Karachi: The Army Welfare Trust is pleased to announce that it has approved the non-binding indicative offer made by the Fauji Foundation to purchase (alone or together with one or more of its affiliated entities) up to 100% of AWT’s shareholding in Askari Bank Limited (AKBL), subject to obtaining of all regulatory approvals under the applicable laws and regulations.
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Monday, November 21, 2011

Ittehad Chemicals merger with Chemi Chloride Industries

Karachi: 1. You have requested us to provide 300 printed copies of the Scheme of Amalgamation/Merger. In this regard, we would like to inform you that the Merger Petition of CCIL with and into ICL (the “Petition’) shall be filed in the Honourable Lahore High Court in the very near future. The Scheme of Arrangement has not been finalized and its draft copy has been provided to you vide our letter No. ICL/SCY-3/80 dated September 30, 2011. The printed copies of the Scheme of Amalgamation/Merger shall be provided to you as soon as, subject to its finalization.
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Tuesday, November 15, 2011

Kraft Foods Pakistan Limited to purchase all assets of Clover Pakistan relating to the Tang brand

Karachi: Clover Pakistan Limited (CLOV) has received from Kraft Foods Pakistan Limited a non-binding offer to purchase all assets of Clover Pakistan relating to the manufacture, marketing and sale of Tang including the manufacturing facilities, together with the goodwill of the business.
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Friday, November 4, 2011

Wazir Ali Industries Limited - Buy Back of Shares and subsequent Delisting

Wazir Ali Industries Limited’s material information

Karachi: In accordance with Listing Regulation No30-A of the Listing Regulations of the Karachi Stock Exchange (Guarantee) Limited, we are pleased to convey the following information:
The Board of’ Directors in its meeting held on October 28, 2011 have unanimously resolved as under:
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Wednesday, October 26, 2011

Xenel International sold 140 million shares (12%) in Pakistan's largest independent power producer (IPP), Hubco.

The deal of 140 million shares of Hub Power Company (Hubco), owned by Xenel International, has been executed, and the Pakistan equity market on Tuesday witnessed a massive singly-day outflow of $60.36 million of foreign investors portfolio investment, market sources said.
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Tuesday, October 25, 2011

Auriga Group acquires 82% of Network Microfinance Bank

KARACHI:A Lahore-based group of investors has decided to buyback 9% shares of Network Microfinance Bank from the public, according to a notice sent to the Karachi Stock Exchange on Friday.

The group already has a share purchase agreement with majority shareholders Jahangir Siddiqui and Company and KASB Bank to buy 82% shares of the microfinance bank. The transaction is expected to be around Rs166 million as Rs6.75 was paid per share for 24,604,382 shares.
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Friday, September 23, 2011

Pakistan Telecommunication Company Limited (PTCL) acquires MAXCOM

In March last year, PTCL acquired Maskatiya Communications (MAXCOM), a broadband internet service provider in the cities of Karachi and Hyderabad and as such having less than 1% market share in Pakistan and a customer based of 6,000 users, through purchase of 100% shareholding of MAXCOM. Subsequent to the acquisition, it was decided by PTCL as well as MAXCOM to merge operation of both the entities in order to offer better and bundled services of voice, date and IPTV to MAXCOM customers on the same basis as are being offered to PTCL’s customer.
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Tuesday, September 20, 2011

Orascom Telecom acquires Pakistani microfinance bank for $11.5m

Arab Finance: Orascom Telecom (ORTE) acquired (via its fully controlled banking unit Oracap) 100 % of Waseela Bank for microfinance in Pakistan at $ 11.5 million; Alborsa daily newspaper cited a source in OT as saying.
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Wednesday, September 14, 2011

Posco acquires 15.34% of Pakistan's Tuwairqi Steel Mills For USD 15 Million

POSCO, the world’s fourth-largest steel producer, is seeking to beef up its presence in South Asia by acquiring shares in a Pakistani steel company. The Korean steel giant said Tuesday it has clinched a deal with Al Tuwairqi Holding Co. of Saudi Arabia to buy a 15.34 percent stake in Tuwairqi Steel Mills Ltd. for $15 million.
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JSCL sells 70.82% shares of Network Microfinace Bank to a Group of Investors

Jahangir Siddiqui and Company Limited on September 12, 2011 entered into a Share Purchase Agreement with the Group of Investors (the Acquirers) for sale of 21,245,184 ordinary shares of the face value of Rs 10 of Network Microfinance Bank Limited (NMBL) constituting 70.82 percent (approximately) of the total paid-up capital of NMBL.
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Wednesday, September 7, 2011

Minimum capital requirement (MCR) a driver of M&A in the insurance sector of Pakistan

Deal Idea, 7 Sep 2011: Insurance sector of Pakistan has a size of PKR 66 billion based on Net Premium out of which Non-Life segment accounts for 33% which is divided between 33 players. Out of these 33 players, 30 have a market share of less than 5% while 15 players have a market share of less than 1%.
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