The Securities and Exchange Commission of Pakistan (SECP) has directed the acquirers to strictly follow the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance 2002 for publication of announcements for better awareness of the general public. Sources told Business Recorder here on Wednesday that the SECP has issued a circular 12 of 2013 in this regard.
According to the details, pursuant to sub-section 1 of section 9 of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance 2002, Acquirer is required to publish the public announcement at least in one issue each of a daily newspaper in English language and a daily newspaper in Urdu language having circulation in the province or provinces in which the stock exchange on which the target company is listed, is situated.
In this regard, the Commission observes that in most of the cases public announcement in English Language is published in Urdu Newspapers or in newspapers with insufficient circulation, which does not serve the purpose of law in term of wider dissemination and better comprehensibility. In view of the above, the Commission hereby directs the Acquirers/Manager henceforth to publish the public announcement in the national English and Urdu morning newspapers in English and Urdu languages respectively, which are generally known, commonly read and have country-wide circulation. Any deviation from the aforesaid direction will be treated as contravention to the relevant provisions of the ordinance and regulations made thereunder, the SECP added.