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NOTIFICATION

COMPANIES (SUBSTANTIAL ACQUISITION OF VOTING SHARES AND TAKEOVERS) REGULATIONS, 2008

[Gazette of Pakistan, Extraordinary, Part-II, 16th February, 2012]

S.R.O. 144 (I)/2012.—The following draft amendments in Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008 which are proposed lo be made by the Securities and Exchange Commission of Pakistan in exercise of powers conferred by Section 29 A of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance, 2002 (CIII of 2002), are hereby published for the information of all persons likely to be affected thereby and notice is hereby given that comments, if any, received within fifteen days from the date of this notification will be taken into consideration.

In the aforesaid Regulations,—

(1)  in Regulation 3,—

(i)      in sub-regulation (1), for the words "closure of public offer" the words "book closure" shall be substituted; and

(ii)     in sub-regulation (2), for the words "closure of public offer" the words "book closure" shall be substituted;

(2)     in Regulation 6, in sub-regulation (3), in clause (d), the words and comma "or assess the viability of the acquisition," shall be omitted:

(3)     in Regulation 8, in sub-regulation (4), after the numbers "500,000/-" the words and numbers "or one percent of the size of the public offer, whichever is higher" shall be inserted;

(4)     in Regulation 9, in sub-regulation (1), for the words "thirty sixth" the words "forty third" shall be substituted;

(5)     in Regulation 10,—

(i)      for the words "twenty-ninth" the words "thirty sixth" shall be substituted; and

(ii)     for the words "thirty-fifth" the words "forty second" shall be substituted;

(6)     in Regulation 12, for the word "be" the words "not be later than" shall be substituted;

(7)     in Regulation 13,—

(i)      in sub-Regulation 1,—

          (a)      in clause (a), the alphabet "a" shall be omitted and thereafter for the word "agreement" the word "agreement(s)" shall be substituted; and

          (b)     in clause (e), for the words "by a valuer whose name appears on the list of SBP approved list of valuer" the words "not earlier than six months before the date of such valuation, will be calculated by Category "A" Chartered Accountant firm on the panel of State Bank of Pakistan and in case of valuation of fixed assets the Chartered Accountant firm shall obtain the services of valuer whose name appears on the list of Pakistan Banks Associations approved list of valuers." shall be substituted;

(ii)     in sub-Regulation 2,–

          (a)      in clause (a), the alphabet "a" shall be omitted and thereafter for the word "agreement" the word "agreement(s)" shall be substituted; and

          (b)     in clause (c), for the words "by a valuer whose name appears on the list of SBP approved list of valuer" the words "will be calculated by Category "A" Chartered Accountant firm on the panel of State Bank of Pakistan and in case of valuation of fixed assets the Chartered Accountant firm shall obtain the services of valuer whose name appears on the list of Pakistan Banks Associations approved list of valuers." shall be substituted;

          (c)      for the word "Explanation" the word and number “Explanation 1" shall be inserted; and

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