Escorts Investment Bank attracted another buyer, RMS Pvt Limited which showed its interest in acquiring an 87.9% stake of the investment bank.
According to the stock filing, the Escort Investment Bank owned by Malik Riaz has received a notice of public announcement of intention from Arif Habib Limited, which is acting as Manager to Offer on behalf of RMS Pvt Ltd to acquire up to 87.9 percent shares of the company.
RMS is a construction company specializing in dams, roads, bridges, lining canals, buildings, etc. The company also made a bid through the same manager to acquire 63.5 percent shares of the Baluchistan Wheels.
The company also held from 30 to 80 percent stakes in different companies in and outside Pakistan. Its assets value stood at Rs. 840 million but the net profitability remained negative at Rs. 196 million reported in the financial year 2021-22.
Escorts Investment Bank, on the other hand, also reported a profit of Rs. 40 million in the first quarter of 2023.
The investment bank received a couple of offers of share sell-off from different investors in the last two years but the deal did not proceed towards any conclusion.
Bahria Town Private Limited of real estate tycoon Malik Riaz had acquired 51 percent shares of Escorts Investment Bank at Re 1 in July 2017 along with liabilities.
