Escorts Investment Bank has cancelled another sale-purchase deal with three prospective investors on behalf of its primary sponsor, Bahria Town (Private) Limited.
According to the PSX notification, Escorts Investment Bank Limited has received a notice from Bahria Town (Private) Limited for the termination of the share sale and purchase agreement dated 31 March 2022 entered into between Bahria Town (Private) Limited, Mr. Javaid Akhtar, Mr. Zeeshan Javaid, and Mr. Muhammad Ali Kazmi for the acquisition of more than 50 percent shares and control of Escorts Investment Bank Limited.
Bahria Town Private Limited stated in its announcement that the purchaser was required to meet certain requirements, the fulfilment of which would result in the deal completing.
However, since the execution date, the purchasers have made little progress in obtaining the necessary governmental permissions and fulfilling the conditions precedent.
In this regard, aside from the purchasers’ failure to actively pursue and complete the criteria, the extended stop date has also passed.
As such, please regard this as our termination notice under Clause 9. The Agreement will be terminated with no additional responsibilities or responsibility on the part of the Seller in accordance with the conditions of the Agreement.
Escorts Investment Bank cancelled the sale-purchase agreement with the bank’s potential acquirers, Syed Sabur Rehman (Chairman, Progressive Group) and JR Dallas Wealth Management, earlier this year.
According to reports, the bank’s largest shareholder, Bahria Town, was not interested in selling its stock to the interested parties, as indicated by a termination notice of the contract.
