October 07, 2021 (MLN): Landmark Spinning Industries Limited (LMSM), in an announcement to Exchange said that GAZPAK (Pvt) Limited (Acquirer) has decided not to process with acquisition of 51% ordinary shares of the company (Target Company).
The company has received a letter from AKD Securities Limited on October 26,2021 intimating in their capacity as the Manager to offer. As per the notice, the lack of progress in the transaction within the stipulated time period, the previously signed share purchase agreement entered into between sponsor shareholders of the Target and the Acquirer shall stand terminated.
Earlier, on March 26, 2021, GAZPAK Pvt Limited had submitted a Public Announcement of Intention (PAI) to acquire more than 51% of the issued and paid-up share capital of LMSM together with management control.
The principal line of business of GAZPAK is to carry on the business of services legally permissible, and also to make sale, purchase, import, export and to act as general traders for products/commodities.