Amendments in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, September 30, 2022 NOTIFICATION S.R.O. 1828 (I)/2022. In exercise of the powers conferred under section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the same having been previously published in the official Gazette vide S.R.O. 1715 (I)/2022, dated September 5, 2022, as required under sub-section (4) of section 169 of the Securities Act, 2015 for eliciting public opinion, namely:- In the aforesaid Regulations, -

1. In regulation 7, in sub-regulation (1), in the proviso at the end for the full stop
   the words “and such intimation shall be made on or before the expiry of 180 days for making the public offer.”
2. in regulation 13, in sub-regulation (1), -
   (a) in clause (c), for the expression ‘six months’’, the expression “180 days” shall be substituted; (b) in clause (d), - (i) for the expression “four weeks”, the expression “28 days” shall be substituted; and (ii) for the semi-colon at the end a colon shall be substituted and thereafter, the following proviso shall be inserted namely: - “Provided that the weighted average share price shall be calculated as total value/total volume of the Target Company in the ready market and only those days shall be incorporated where the shares of the Target Company have been traded;”;
3. in regulation 15, in sub-regulation (1), after the sub-clause (d), the following
   new sub-clauses shall be inserted, namely: -