Baluchistan Wheels Limited (PSX: BWHL) has entered into a Share Purchase Agreement to sell over 8 million shares to a private company, the auto-parts maker informed the Pakistan Stock Exchange on Tuesday.
Razak H.M. Bengali, Muhammad Siddique Misri, and Muhammad Irfan Ghani, the majority shareholders (63.56%) of Baluchistan Wheels Limited, entered into a Share Purchase Agreement on October 09, 2023 with M/s. RMS (Private) Limited (the Acquirer) for the sale of 8,474,907 shares of BWHL held by the majority shareholders, the stock filing stated.
The filing added, “The consummation of the proposed Transaction will be subject to the terms of the Share Purchase Agreement, including issuance of public offer by the Acquirer, receipt of requisite approvals, including clearance from the Competition Commission of Pakistan, and completion of other closing formalities”.
Notably, BWHL is engaged in the manufacturing and marketing of automotive wheel rims for trucks, buses, tractors, cars, and mini-commercial vehicles.
