Al Shaheer Corporation Limited’s Chief Executive Officer and Director, Muhammad Farrukh, has announced plans to acquire a controlling stake in the company through a share purchase agreement and a mandatory public offer, according to a notice filed with the Pakistan Stock Exchange (PSX).
Under the proposed transaction, Farrukh will purchase approximately 200.6 million shares, representing 53.5 percent of Al Shaheer’s issued share capital, through a share purchase agreement. He will also launch a mandatory public offer to acquire an additional 64.69 million shares, or 17.25 percent of the company. If the offer is fully accepted, his total holding could rise to nearly 71 percent.
AKD Securities Limited has been appointed as the manager to the offer in accordance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The formal public announcement of intention is expected to be published on July 2.
The proposed acquisition is subject to several conditions, including regulatory approvals and a fit-and-proper assessment by the Securities and Exchange Commission of Pakistan (SECP). The transaction also requires the execution of definitive agreements and other corporate approvals. According to the filing, the offer may be withdrawn if the necessary approvals are not secured.
Muhammad Farrukh currently owns 5.5 million shares, representing a 1.47 percent stake in Al Shaheer. Persons acting in concert with him include Fehmida Amin, who holds a 10.51 percent stake, and the company’s Chairperson, Sualeha Farrukh, who also owns shares in the company.
Al Shaheer Corporation has 374.92 million ordinary shares outstanding. The stock closed at Rs. 13.65 on Tuesday, while its 28-trading-day weighted average market price stood at Rs. 11.74 per share.
According to the company’s latest unaudited financial statements for the nine months ended March 31, 2026, Al Shaheer reported total assets of Rs. 4.36 billion, liabilities of Rs. 4.07 billion, and shareholders’ equity of Rs. 286 million. Net sales during the period amounted to Rs. 1.61 billion, while the company posted a net loss of Rs. 133 million.
Al Shaheer has remained in the red since 2022, with its biggest annual loss of Rs. 3.51 billion recorded in the fiscal year ended June 2024.
