KARACHI: A large number of Hum Network Limited (HUMNL) shares changed hands on Monday, as market sources believe that an attempt at a hostile take-over failed. Market sources indicated that leading brokers at Pakistan Stock Exchange (PSX) picked up 417 million shares from the ready market today to support Hum Network owners Sultana Siddiqui and her son Shunaid Qureshi.
According to the sources, AKD Securities bought 28 million shares, Arif Habib Securities picked 225.4 million shares, Optimus Securities obtained 73 million shares, Sherman Securities obtained 28 million shares, ASDA Securities obtained 8 million shares, MN InterMarket Securities obtained 14 million and Akik Capital picked 5.5 million shares, along with other securities which also acquired Hum Network shares today.
After this deal in the stock market, it is believed that Sultana Siddiqui will be able to control Hum Network in the next Board of Directors meeting, sources added. Section of the media had reported earlier this year that JS group was trying to take over HUM Network Limited. Such reports received further credence due to the heavy trading in the share of HUMNL from the April to July period.
According to the stock market website, all the shares of Hum Network were sold/purchased between Rs 6 to Rs 6.75.
A broker said, “most of the partners of JS group, who possessed these shares, started selling Hum Network shares in the market and the brokers in support of Sultana Siddiqui purchased 417 million shares.
In last August, the meeting of Hum Network’s Board of Directors was postponed for a month by its management, following which some of its management members challenged the postponement it in Sindh High Court (SHC). The case is still pending in SHC after a stay-order on the take-over.
It has been declared that Sultana Siddiqui and family have 40 to 45 per cent shares in August 2020, while JS group and its allies were in a position to take-over the channel by obtaining 50 to 55 per cent shares. Kingsway Group held a majority shareholding, which was assumed by sources to beneficially to favour JS Group. Sources now claim Kingsway Groups has sold its holdings.
Shares of HUM Network rose from PKR 2.30 to PKR 17 during the summer. Reports of hostile take-over were published in many sections of media. Later, management of Hum Network also raised these concerns in their official notices sent to the Pakistan Stock Exchange.
