Dalia Securities Private Limited announced intention to acquire 48.89 per cent shares in stock market listed IGI Investment Bank Limited. Dalia Securities is a stock brokerage firm with a seat on the Islamabad bourse. That makes the deal significant since investors have come to believe that big brokerages are based only in Karachi.
An acquisition, if and when it materialises, would be a good omen for the Pakistan capital market as it would be an indication that the other two stock exchanges in the country (Lahore and Islamabad) have come of age.
IGI Investment Bank Limited is in the fold of the Packages group and the owners are thought to have pre-qualified the acquirers before giving the Dalia a nod.
The notice to the stock exchange of the intention of acquiring 48.89pc shares by Dalia Securities was under the ‘listed companies (substantial acquisition of voting shares and take-overs) Regulations, 2008. The final sale/purchase is of course a little distant since due diligence would be conducted and regulatory approvals would be required, before the change of hands. The notice to the stock exchange was released by the Next Capital Limited, which has been appointed Manager to the Offer.
Source: Dawn News
