Calcorp Limited has announced a significant development in its ongoing acquisition negotiations. In a notification to the Pakistan Stock Exchange, the company disclosed its Board of Director’s decision to approve the prospective sale of its operating assets, specifically it’s fleet of vehicles, to Optimus Limited. This decision is contingent upon shareholder approval and is part of a broader acquisition strategy.

The announcement follows a series of communications, including a letter dated February 28, 2024, regarding disclosure under Takeover Regulation, and an extension of the offer timeline by JS Global Capital Limited on August 27, 2024. The acquisition involves a substantial 83.96% shareholding in Calcorp Limited by the Acquirers, who are currently in negotiations with Optimus Limited.

The sale of the vehicles will be executed at a price not less than their market value, which will be determined through an independent valuation at the time of the transaction. This move is seen as a strategic step in aligning the company’s assets with the ongoing acquisition process.

Calcorp Limited has assured that all necessary legal requirements will be met, and the transaction will proceed only after obtaining the requisite shareholder approval.