Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008
Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations 2008 were enacted on 29th August 2008 by Securities and Exchange Commission of Pakistan (“SECP”). The Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations were made under the powers conferred by Section 29-A of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance, 2002 (the “2002 Ordinance”) to SECP in order to carry out the purposes of the 2002 Ordinance and incidental and connected matters. These Regulations are divided into 8 Chapters and further contain 8 Schedules. In Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations, 2008 the term ‘Offer Letter’ is defined as the letter to be issued by the acquirer to the shareholders whose names appear on the register of members of the target company as on the date of book closure, the custodians of Global Depository Receipts, the custodians of American Depository Receipt and holders of convertible securities (where the period of conversion falls within the offer period) in pursuance of Section 13 of the 2002 Ordinance and in accordance with the specifications provided in Schedule I of Listed Companies (Substantial Acquisition of Voting Shares & Take-Overs) Regulations.
