Wednesday, April 25, 2012

Bank Alfalah negotiating acquisition of IGI Investment Bank

Bank Alfalah is negotiating for the takeover of IGI Investment Bank Limited together with its wholly-owned subsidiary, a bank statement said on Wednesday. Bank Alfalah said that it is proposed that the takeover would be implemented by the way of merger in terms of a scheme of amalgamation under the Banking Companies Ordinance, 1962.

Read more »

Wednesday, April 4, 2012

Swicorp announced successful sale of 20% stake in Ghani Glass, a leading glass manufacturer in Pakistan

Swicorp, a top private equity firm based in Riyadh, has announced the successful sale of a 20 per cent stake in Ghani Glass, a leading glass manufacturer in Pakistan, held by its unit Joussour Holding Company (JHC).

Set up in 1993, Ghani Glass is Pakistan's largest and most diversified glass manufacturer. Since JHC's initial investment in 2007, the glass maker posted strong growth, more than doubling its top, bottom line on back of capacity expansions, including commissioning of the first pharma glass manufacturing project in the region, based on European technology.
Read more »

Update: ICTSI to acquire 35% shares of PICT at PKR 150 per share

Karachi: In accordance with Clause (xxiii) of the Listing Regulation No. 35 under Code of Corporate Governance, we are pleased to convey the following information:

Further to our letter dated March 07, 2012, whereby we informed you of the expression of interest by ICTSI Mauritius Limited (“ICTSI”) to acquire between 35% to 55% of the shares in PICT, we wish to inform you that on Friday March 30, 2012, ICTSI entered into a Share Purchase Agreement with the majority shareholders of PICT (together “Seller’s Group”) pursuant to which the Seller’s Group will sell up to 35% of the shares of PICT at Rs. 150 per share subject to acquisition of shares from the public pursuant to a tender offer (“Tender Offer”) that will be made in accordance with the provisions of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002.

The Tender Offer shall be made through a public announcement after the fulfillment of certain conditions precedent and subject to approvals by various regulatory bodies which the acquirer will be approaching in due course.

For more information, contact:

Arsalan I. Khan
Company Secretary
Pakistan International Container Terminal Limited
2nd Floor, Business Plaza,
Mumtaz Hassan Road,
Karachi74000, Pakistan

Tel: (+9221) 32400450-3, 32417933
Fax: (+9221) 32400281-32414492


Source: Pakistan Company News