Singer Pakistan Limited has divested its entire shareholding in Pakistan to various independent investors in tranches under multiple transactions. The sale of about 32 million shares of the sewing machine manufacturer marked directorial changes on the company's board with six members, Abdul Hamid Dagia, Fareed Khan, Gashir Ahmed, Badruddin Vellani, Kamal Shah and Gavin Walker having resigned.
Singer's incoming Board of Directors include Haroon Ahmed Khan, Umair Khan, Brigadier (Retd) Mukhtar Ahmed, Adnan Aftab, Zafar Mahmood and Moazzam Ahmad Khan. The above changes took place in the company board's January 19 meeting. "As a policy matter, singer (Pakistan) B.V did not seek to run a process to find a single strategic investors/investor group for purchasing its entire shareholding stake," said a stock filing.
The company, it said, made active effort to seek to spread the shareholding to various independent investors/investor groups. The maximum percentage shareholding acquired by any single buyer does not exceed 29.395 percent. Poseldon Synergies Limited, Harood Ahmed Khan and Nighat Haroon Khan appear to be largest investors in the transaction. Other purchasers of Singer's shares included Zeeshan Tariq (3.3 percent), Sohaib Tariq (3.3 percent), Farah Naz Mirza (4.96 percent), Abdul Waheed (6.83 percent), Ali Raza (5.5 percent), Saima Naz (7.2 percent), Muhammad Ahmad Khan Malik (1.1 percent), Srosh Tahir (3.85 percent), Adnan Aftab (1.2 percent) and Rana Abdur Rehman (4.29 percent).