AKD Securities Limited, acting as the manager to the offer, has formally announced the withdrawal of a Public Announcement of Intention (PAI) to acquire up to a 6.02 per cent of the issued, paid-up share capital and control of Escorts Investment Bank Limited.
In a regulatory filing submitted to the Pakistan Stock Exchange (PSX) on Monday, November 2, 2026, AKD Securities confirmed that the proposed acquisition, which was being pursued on behalf of investors Kamran Malik and Sheikh Ali Baakza, will no longer proceed.
The original public announcement of intention was issued earlier this year on January 23, 2026, setting the stage for a potential shift in the investment bank’s shareholding structure. The completion of the transaction was subject to the finalisation of commercial terms and the securing of necessary regulatory approvals.
However, AKD Securities disclosed that the strict statutory deadline to make the final public announcement of the offer expired on Sunday, November 1, 2026.
Consequently, the acquisition intent automatically stands withdrawn with effect from the expiry date. This withdrawal is mandated under the provisions of Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, read in conjunction with the Securities Act, 2015.
The formal notification of this withdrawal has been circulated to the Securities and Exchange Commission of Pakistan (SECP), the PSX, and the management of Escorts Investment Bank Limited, officially closing the chapter on this proposed takeover attempt.