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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Government of Pakistan

Securities and Exchange Commission of Pakistan

Islamabad, the 1st August, 2017.

NOTIFICATION

S.R.O. 749 (I)/2017.- In exercise of powers conferred by section 124 read with clause (j) of sub-section (2) of section 169 of the Securities Act, 2015 (III of 2015), and having been previously published in the official Gazette vide notification S.R.O. 1140 (I)/2016 dated December 2, 2016 as required by sub-section (4) of section 169 thereof, the Securities and Exchange Commission of Pakistan hereby makes the following Regulations, namely:-

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Lineage: In force

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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works