Construction Firm Withdraws Offer to Buy Escorts Investment Bank

RMS (Private) Limited has withdrawn its Public Announcement of Intention to directly or indirectly acquire up to 87.96 percent or 119 million ordinary shares of Escorts Investment Bank Limited, manager to the offer Arif Habib Limited (AHL) told the main bourse on Monday. The time period for making the public announcement of the offer lapsed on May 12, 2024 as certain regulatory and other approvals for the Transaction remain outstanding, AHL said in a stock filing. “In the premises, and pursuant to Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (“Regulations”) read with the Securities Act 2015, we hereby give notice that as of the Expiry Date, the PAI stands withdrawn,” the manager declared. AHL added that this process of withdrawal is being undertaken to ensure compliance with the law.