KARACHI (Web Desk) – Al Shaheer Corporation Limited’s Chief Executive Officer and Director, Muhammad Farrukh, has announced plans to significantly increase his ownership in the company through a major share acquisition that could give him a controlling stake of nearly 71 percent.
The proposed transaction, disclosed in a notice submitted to the Pakistan Stock Exchange (PSX), involves two stages. The first consists of acquiring 200.6 million ordinary shares through a share purchase agreement, representing approximately 53.5 percent of the company’s issued share capital. The second stage involves a mandatory public offer to purchase an additional 64.69 million shares, equal to 17.25 percent of the outstanding shares.
If both stages are completed successfully and shareholders fully participate in the public offer, Farrukh’s ownership could rise to nearly 71 percent, making him the dominant shareholder of Al Shaheer Corporation.
The acquisition marks one of the most significant ownership changes announced by a listed Pakistani company this year. Market analysts believe the move reflects confidence in the company’s long-term business strategy and future growth prospects.
Currently, Muhammad Farrukh directly owns approximately 5.5 million shares, representing 1.47 percent of Al Shaheer Corporation. Individuals acting in concert with him also hold notable stakes in the company. These include Fehmida Amin, who owns 10.51 percent of the shares, and Chairperson Sualeha Farrukh, who also maintains a shareholding in the company.
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AKD Securities Limited has been appointed as the manager to the public offer in accordance with the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The formal public announcement of intention is expected to be published on July 2.
The transaction remains subject to several regulatory requirements before completion. These include approval from the Securities and Exchange Commission of Pakistan (SECP), particularly under its fit and proper criteria, along with the execution of definitive legal agreements and completion of all required corporate approvals.
The company has also clarified that the proposed acquisition may be withdrawn if the necessary regulatory permissions are not granted or if other conditions required for completion are not fulfilled.
Al Shaheer Corporation currently has approximately 374.92 million ordinary shares in issue and remains one of Pakistan’s leading food companies, engaged in the production, processing and distribution of meat and frozen food products for both domestic and international markets.
Following the announcement, investors closely monitored developments surrounding the transaction as such acquisitions often influence market sentiment and future share valuations. Corporate takeovers involving controlling stakes generally attract considerable attention because they can reshape management priorities, strengthen strategic decision-making and improve operational efficiency.
The company’s shares closed at Rs. 13.65 on Tuesday at the Pakistan Stock Exchange. Over the previous 28 trading sessions, the weighted average market price stood at Rs. 11.74 per share, indicating that investor interest has remained relatively stable ahead of the proposed acquisition announcement.
Financial experts note that mandatory public offers are designed to protect minority shareholders by giving them an opportunity to sell their shares whenever a significant ownership change occurs in a listed company. Such regulations help maintain transparency and fairness within Pakistan’s capital markets.
The outcome of the proposed transaction will depend on shareholder participation in the public offer, regulatory approvals and the successful completion of legal formalities over the coming weeks.
If finalized, the acquisition would substantially strengthen Muhammad Farrukh’s position within Al Shaheer Corporation and could influence the company’s future strategic direction, governance structure and long-term expansion plans as it continues operating in Pakistan’s competitive food and agriculture sector.
