Duraid Qureshi, the CEO and co-founder of Hum Network Ltd., has announced acquisition of up to 332,146,260 ordinary shares of network or 35.15 percent of the total issued paid up capital of the Target Company on October 25, 2021, according to filing at Pakistan Stock Exchange.

The Public Offer is being made at Rs 7.0/- per ordinary share which is Rs 0.06/- higher than the prescribed minimum price. The share price dropped 3.2 percent during the trading at Pakistan Stock Exchange to close the day at PKR 6.66.

The weighted average share price of the Target Company as quoted on the securities exchange during the last six months preceding the date of Public Announcement of Offer is Rs 6.94 per share while the weighted average share price of the company as quoted on the securities exchange for four weeks preceding the date of Public Announcement of Intention: Rs 6.10 per share.

Price per share calculated on the basis of net assets valued, not earlier than six months before the date of such valuation, by a valuer whose name appears on the list of SBP approved list of valuers: Rs 4.87/- per ordinary share based on the Net Assets Value Certificate, dated November 04, 2021, issued by EY Ford Rhodes, Chartered Accountants. The Net Asset Value Certificate is based on the audited financial accounts for the period ended June 30, 2021, and valuation reports by Tristar International Consultant (Pvt.) Ltd. and Akbani & Javed Associates.

Duraid holds 229,622,000 ordinary shares or 24.30 percent shares of the Hum Network Limited at present.

Duraid along with persons acting in concert, currently holds 29.7 percent shares of the Target while he is also the CEO of the Target. He intends to increase his shareholding in Hum Network. The company shall continue as a listed company after proposed acquisition and will continue its business operations in the normal manner.

The Public Offer is not conditional on a minimum level of acceptance and shares will be acquired against cash payment by means of bank draft/pay order/cheque in Pak Rupees.

The Public Offer will remain open for acceptance for seven days starting 0900 PST on Monday, February 14, 2022 to 1700 hours on Sunday, February 20, 2022 (Closing Date). Acceptances received after working hours on closing date shall not be entertained and the Offer period shall not be extended.

UNUSUAL TRADE: The Hum Network Limited had on August 10, 2020, asked the stock exchange and the corporate sector regulator to investigate the surge in sale and purchase of the company’s shares, expressing suspicious change of hands.

A letter was forwarded to the Pakistan Stock Exchange (PSX) as well as the Securities and Exchange Commission of Pakistan (SECP) to investigate the matter related to unusual movement of the company’s share price and the information should be made available to the public and the shareholders of the company.

As the letter was received by the SECP and a senior official confided that the matter would be taken as a complaint. But, he added, comments could not be made on it till the investigation was completed.

The letter by the company’s secretary said: “It has been observed that there is undue movement in the share price of the company. The price of the share has increased from Rs2.31 per share to Rs17.05 per share during April 3, 2020 to June 18, 2020.”

The story was filed by the News Desk.
The Desk can be reached at info@thecorrespondent.com.pk.

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