ISLAMABAD: Duraid Qureshi, co-founder of the Hum Network Limited, listed at Pakistan Stock Exchange (PSX) has announced the purchase of about 35 percent ordinary shares of the Hum Network Limited through Arif Habib Limited.
On behalf of Duraid Qureshi, Arif Habib Limited, has shared this information with the Pakistan Stock Exchange, SECP, and shareholders of Hum Network Limited today to fulfil the legal compliance before acquiring ordinary share of Pakistan’s largest entertainment media network. Duraid Qureshi is co-founder and CEO of Hum Network Limited. Sultana Siddiqui, famous as Sultana Aapa, is the founder of the Hum Network Limited.
According to notification, a total of 332,146,260 ordinary shares of Hum Network limited will be acquired through Arif Habib Limited. These shares amount to 35.15 percent of the total issued ordinary share capital of Hum Network Limited.
The Acquirer intends to buy up to 332,146,260 ordinary shares representing approximately 35.15% of the total issued ordinary share capital of HUMNL. Therefore, the buyer is making an offer to shareholders for the acquisition of ordinary shares of HUMNL on the terms and subject to the conditions set out below.
In pursuance of the provisions of, and the Acquirer’s obligations under the Securities Act, 2015 (the “Act”) and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (“Takeover Regulations”) you are hereby being made an offer to sell your ordinary shares of HUMNL each having a face value of PKR 1 to the Acquirer at a price of PKR 7.0/- per ordinary share on the terms and subject to the conditions and in the manner summarized below and contained in the draft of the Acceptance Letter (as well as its annexures) enclosed hereto.
The Acquirer has made firm financial arrangement for fulfillment of their obligations under the Public Offer to the satisfaction of the Manager to the Offer. These arrangements include creation of security by the Acquirer in favor the Manager to the Offer in the form of; 1) cash deposit amounting to PKR 1,000,000,000 in an escrow account with a commercial bank with a minimum rating of A, and 2) margin trading system eligible shares with thirty (30) percent haircut based on their current market value, to pay for such shares as are tendered to the Manager in accordance with the terms of the Public Offer. The Public Announcement of Offer containing detailed information can be viewed at the website of Arif Habib Limited, the address of which is www.arifhabibltd.com.
The offer is valid until February 20, 2022. Shareholders may accept the offer between February 14, 2022 and February 20, 2022 during business hours from 9:00 am to 5:00 pm.
PROCEDURES FOR ACCEPTING THE PUBLIC OFFER I. In order to accept the Public Offer, the shareholders are required to send the Letter of Acceptance, duly completed and signed, along with the requisite documents to the Manager at its address given above latest by 5:00pm on the last day of the Acceptance Period. Please ensure that, while filling the Letter of Acceptance, all the information required is provided, including the number of shares to be tendered. II. In the event that the Letter of Acceptance and the requisite documents are delivered within the stipulated time, the Manager will issue confirmation of the receipt of documents (Provisional Receipt). III. Receipt by the Manager by the Closing Date of the duly completed and signed Letter of Acceptance along with the required documents will constitute acceptance of the Pubic Offer.
