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RMS (Private) Limited Withdraws Intent to Acquire Major Stake in Baluchistan Wheels Limited

Karachi, RMS (Private) Limited has withdrawn its intention to acquire 63.56% of the ordinary share capital of Baluchistan Wheels Limited, as stated in the Public Announcement of Intention published on August 9, 2023. The original announcement, which aimed to acquire up to 8,474,907 ordinary shares of the target company, was published in Business Recorder and Nawa-i-Waqt and was subject to regulatory and other approvals.

The withdrawal notice, as confirmed by Arif Habib Limited, the manager to the offer, was published in today’s editions of Business Recorder and Nawai Waqt. This development follows the expiration of the extended time period for making the public announcement of the offer on May 5, 2024, due to pending regulatory and other approvals.

Arif Habib Limited has indicated that despite the withdrawal, RMS (Private) Limited remains committed to pursuing the transaction and will issue a new public announcement of intention through the Pakistan Stock Exchange, adhering to all prescribed legal formalities.