Upon completion of the transaction in line with applicable laws and in concurrence with the Share Purchase Agreement (SPA) signed by and between Linde and the purchasers, the entire ownership of Linde in Linde Pakistan Limited stands transferred to the purchasers effective January 7, 2018 (after trading hours).
The Linde's shareholding in Linde Pakistan Limited has been acquired by Adira Capital Holdings (Private) Limited, Hilton Pharma (Private) Limited, Soorty Enterprises (Private) Limited, Al-Karam Textile Mills (Private) Limited, Siraj Dadabhoy and Fawad Anwar.
As a result, the Linde nominee directors have stepped down effective January 7, 2018 and new directors have been appointed by the Board of the company. In addition to the 60 percent shares acquired by purchasers from Linde, an additional 20 percent shares have also been acquired by purchasers against the public offer dated October 13, 2017.
In addition to Linde nominee directors, two independent directors and NIT nominee director have also resigned from the board effective January 7, 2018. Two new independent directors have been appointed by the board in place of these directors.