Regulatory Alerts2017-08-03
Added · Updated
Listed Companies (Substantial Acquisition of Voting Shares & Takeovers) Regulations, 2017
These regulations establish detailed procedures for substantial acquisitions of voting shares and takeovers of listed companies in Pakistan, including mandatory disclosure timelines and public announcement requirements. They define the minimum offer price based on market data or net asset value and require acquirers to purchase at least fifty percent of remaining voting shares, subject to a maximum minimum acceptance threshold of thirty-five percent. The rules mandate the furnishing of security through escrow accounts or bank guarantees and prescribe specific timetables for book closures, offer letters, and the acceptance period.
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