Buyer Delays Acquisition of 50% Stake in Bela Automotives

Adam Securities Limited, on behalf of its client Amir Noman has announced that the buyer has delayed the acquisition of 2.9 million shares i.e. 50 percent shares in Bela Automotives Limited (PSX: BELA) by 90 days. “The Acquirer is awaiting certain regulatory approvals and thus the Acquirer will not be able to complete all the required procedures for submission of the Public Announcement of Public Offer within 180 days of the Publication of the PAI being 8th December 2024,” the statement read. “We hereby notify the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX) on behalf of the Acquirer that the Acquirer is extending the date for making the Public Announcement of Public Offer by ninety (90) days up to 8th March 2025 pursuant to Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (the “Regulations”),” it added. The acquirer first submitted the PAI to buy a 50 percent stake in the defaulter entity BELA. BELA is principally in the business to produce and market automotive parts, bicycle parts, bolts, nuts, cold forged parts, machinery parts, etc at Hub, near Karachi.