Regulatory Alerts2022-09-30
Added · Updated
Amendments in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017
The Securities and Exchange Commission of Pakistan amends the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, by substituting time references such as 'six months' and 'four weeks' with '180 days' and '28 days' respectively, and extending the public offer intimation deadline to 180 days. The amendments expand permissible non-cash consideration for takeover transactions to include listed shares, government debt securities, and convertible debt instruments, subject to listing and trading requirements. Additionally, the rules now require acquirers to credit non-cash consideration to shareholders' securities accounts within two days of the public offer closure and mandate withdrawal notices to be submitted within one working day of the offer's expiry.