MMM Holding (Private) Limited (MMM) has purchased an additional 15 million ordinary shares of Baluchistan Glass Limited (PSX: BGL).
According to a stock filing, MMM acquired the shares on 17 April and, thereafter, its shareholding in BGL has increased from 205,644,430 ordinary shares (78.61 percent) to 220,644,430 ordinary shares comprising 84.34 percent of the issued and outstanding ordinary shares of BGL.
The total paid-up capital of BGL is 2,616,000,000 divided into 261,600,000 ordinary shares of Rs. 10 per share each. The counterparty to the Agreement shall remain an indirect shareholder of 110,322,215 ordinary shares of BGL. An offer of the remaining shares shall be made pursuant to the Public Announcement of Intention (PAI) made in March 2023.
Accordingly, the information regarding the number of shares and percentage of BGL shares to be acquired indirectly by the Acquirer will be as under:
| Intended Acquisition through | Number of shares of Indirect Target | Percentage |
| Agreement (to be concluded) | 110,322,215 | 42.1721% |
| Public Offer* | 20,477,785 | 7.8270% |
Tariq Glass Industries Limited (PSX: TGL) made a PAI on March 21, 2023, with AKD Securities Limited (AKDS) as manager, under the applicable provisions of the Listed Companies for the acquisition of up to 50 percent of MMM Holding.
