SECP suspends proposed acquisition of Al Shaheer corporation

The Securities and Exchange Commission of Pakistan has halted a planned purchase of a controlling stake in Al Shaheer Corporation Limited until further notice, according to Mettis Global. The regulator's order, dated August 10, 2026, was issued under Section 125 of the Securities Act, 2015. It concerns a Public Announcement of Intention dated June 30, 2026, which covered a stake of more than 53.50% in the company's issued and paid-up capital.

The acquirer is Muhammad Farrukh, who sought to buy at least 53.50% of the shares and control through a share purchase agreement covering 200,601,858 shares, plus a public offer for 64,690,012 shares, or 17.25%. AKD Securities Limited was appointed manager to the offer and submitted the announcement on his behalf, subject to regulatory approvals. Mr Farrukh holds 5,500,000 shares, or 1.47%, while persons acting in concert, Fehmida Amin and Sualeha Farrukh, hold 39,391,655 and 50,000 shares respectively.

The report also cites Al Shaheer's total assets at Rs4.36bn as at March 31, 2026, on an unaudited 9MFY26 basis, with shareholders' equity down to Rs286m. Over 9MFY26 the firm lost Rs133m after tax, and no dividend has been declared for any period covered. The share price was Rs13.42 one day before the announcement, against an offer price of Rs95 per share at the 2015 listing.