Listed Companies (Substantial Acquisition of Voting Shares and Take Overs) Ordinance, 2002
Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance, 2002 was promulgated on 29th August 2018 in order to provide for substantial acquisition of voting shares and take-overs of listed companies, a fair and equal treatment to all the investors as well as a transparent and efficient system for substantial acquisition of voting shares and take-overs of listed companies and matters ancillary thereto or connected therewith. This Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance describes/limits that only a person, who is a shareholder of the target company as on the date of closure of public offer shall be eligible to participate in the public offer and all Global Depository Receipts Holders, American Depositary Receipts Holders shall be entitled to participate in the public offer as on the date of closure of public offer and convertible security holders where the period of conversion falls within the offer period and shall be eligible to participate in the public offer.
