The main shareholder of SPLC is in the advanced phase of disposal


February 4, 2022 (MLN): SAPICO, a major shareholder of Saudi Paki Leasing Company (PSX: SPLC) is in an advanced stage of divestment and has signed a nondisclosure agreement with three shortlisted parties, SPLC informed in its progress report sent to PSX on Friday.

As part of the acquisition process, the acquirer has extended the public announcement of the offer (PAO) date by ninety days, as permitted by the applicable regulations of the listed company, adds the report.

Even if SAPICO fails to materialize the divestment efforts, the company will continue the ongoing efforts for the implementation of the rehabilitation plan duly approved by the board of directors in letter and spirit, he said. note.

Subject to the favorable trading environment in a normal course without any force majeure circumstances i.e. natural calamity or pandemic, we expect to comply with the MER and settle COl and other money market liabilities within coming months.

Further, the report states that the High Court of Sindh has decided to hear cases of an urgent nature only due to the COVID-19 pandemic, hence our endeavors for holiday vacations obtained by consideration against the sale of investment properties are hampered.

The company expects to see positive results in this regard as soon as the High Court of Sindh resumes its normal functioning, according to the report.

Copyright Mettis Link News

Published on: 2022-02-04T12:40:53+05:00

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