Karachi, Baluchistan Wheels Limited (BWL) has notified the Pakistan Stock Exchange (PSE) and the Securities and Exchange Commission of Pakistan (SECP) of an extension in the timeline for making the Public Announcement of Offer (PAO). The announcement pertains to the acquisition of up to 8,474,907 (63.56%) Ordinary Shares and Control of Baluchistan Wheels Limited by RMS (Private) Limited, acting as the “Acquirer.”
The original PAO was published on August 9, 2023, with a deadline set for February 5, 2024. However, due to pending regulatory approvals and processes, which are yet to be issued, the Acquirer has decided to extend the timeline for the PAO. This extension, in accordance with Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting and Takeovers) Regulations, 2017, is for an additional 90 days, pushing the new deadline to May 5, 2024.
Baluchistan Wheels Limited and the Acquirer assure stakeholders that they are committed to obtaining the necessary approvals and completing the transaction as soon as possible.