The Sindh High Court (SHC) has given relief to Tri-Star Power Limited (PSX: TSPL) in its lawsuit against Turkish investor Aykut Alikuu who wants to buy more than 51 percent of the shares and control of the publicly traded electricity producer.
The company on 05/04/2023 filed a suit for Declaration and Permanent Injunction before the SHC against the Turkish bidder who wanted to take over more than 51 percent of shares and control of the firm.
TSPL alleged at the time that the Acquirer in concert with others was illegally accumulating shares of the Company in circumvention of the Securities Act 2015 and the Listed Companies (Substantial Acquisition & Takeover) Regulations 2017 and was partaking in artificial share price manipulation which lead to an abnormal/astronomical increase in the share price of the Company.
“The aforementioned Suit along with its Injunction Application came up for hearing on 06/04/2023 and the Hon’ble High Court has been pleased to pass a Status Quo Order in respect of the management of the Target Company,” the company said in a stock filing.
At the time of filing, TSPL’s scrip at the bourse was Rs. 12.62, up 2.27 percent or Rs. 0.28 with a turnover of 101,500 shares on Monday.
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