Chinese firms appraising PSM for acquisition

A few Chinese steel firms have conducted valuation exercise of Pakistan Steel Mills (PSM) in the last two weeks to acquire the sick steel complex with the aim to expand their manufacturing operation in the region, sources informed The News. "Chinese and/or their local representatives are still making random visits to evaluate its worth initially a delegation of nine people visited each and every department/plant and held detailed meetings with the departmental heads and workers to know almost everything about it," said a PSM official.

Acquisition of Grays of Cambridge (Pakistan) Limited by Anwar Khawaja Industries Limited

Anwar Khawaja Industries (Private) Limited informed Karachi Stock Exchange about the to acquire up to 26.488% of voting shares of the Target company, in daily business recorder and Nawa-i-Waqt on July 13, 2015. The acceptance period for the acquisition of shares of the Target Company commenced on September 05, 2015 and ended on September 11, 2015. During the acceptance period 17,325 ordinary shares were tendered by shareholders of Target Company against the offer to acquire up to 1,946,718 ordinary shares by Acquirers.

Dubai Bank wants to divest shareholding in BankIslami Pakistan

Dubai Bank PJSC wants to sell its shareholding in BankIslami Pakistan, a stock filing said on Wednesday. Another shareholder, Jahangir Siddiqui and Company, reported that it has received a letter from the UAE-based bank, saying it wants to sell 144.2 million shares in BankIslami Pakistan. The stake that Dubai Bank PJSC wants to sell constitutes 14.3% of the total issued shares of BankIslami Pakistan.