RMS (Private) Limited has withdrawn its public announcement of intention (PAI) to acquire a majority stake in Baluchistan Wheels Limited (PSX: BWHL), the auto-parts maker informed the Pakistan Stock Exchange on Monday.
“We have received a copy of the withdrawal of Public Announcement of Intention for acquisition of upto 63.56% of Ordinary Share Capital of Baluchistan Wheels Limited by RMS (Private) Limited (“the Acquirer”),” the stock filing stated.
Manager to the Offer Arif Habib Limited has intimated that the time period for making the Public Announcement of Offer (as extended by the Acquirer) lapsed on May 05, 2024, as certain regulatory and other approvals for the Transaction remain outstanding.
Pursuant to the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulation, 2017 read with Securities Act, 2015, the Acquirer has issued notice that as of the Expiry Date, the Public Announcement of Intention stands withdrawn. This process of withdrawal is being undertaken to ensure compliance with the law, the filing added.
Baluchistan Wheels Limited was incorporated in Pakistan on 16 June 1980. The company is engaged in manufacturing and marketing automotive wheel rims for trucks, buses, tractors, cars, and mini-commercial vehicles.
