KARACHI: A foreign investor has acquired Zulfiqar Industries Ltd (ZIL), a fast-moving consumer goods (FMCG) entity that makes Capri soap, for around $6 million.
New Future Consumer International General Trading LLC, an emerging global consumer goods player, purchased a total of 84.8 per cent shareholding in the local firm at a weighted average price of Rs301.4 a share in a transaction that was completed over the last many months.
Last month, the foreign acquirer accepted 1.4m shares — constituting 23.5pc of total shareholding — that were tendered by ordinary investors during the public offer period ending on May 10.
The public offer was preceded by the acquirer signing a share purchase agreement in March with the majority shareholder of ZIL for the acquisition of a 61.3pc stake.
The original public offer made by the acquirer was for 19.3pc shareholding in the locally listed firm at Rs286.64 a share. This exercise is mandatory under the takeover rules that require the potential buyer of a listed company must offer to purchase at least half of the free-float, which means the shareholding owned by the general public.
However, the acquirer revised the public offer subsequently and showed willingness to buy up to 1.7m shares or 28.6pc of total shareholding at a higher rate of Rs340 apiece.
The earlier chairperson, Feriel Al-Mehdi, still retains her 10pc in the company. As a result, 5.2pc shareholding currently rests with the general public.
The foreign acquirer is likely to scoop up the remaining shares held by retail investors at a later stage given that ZIL plans to de-list from the stock exchange, according to an investment banker involved in the transaction. The going price of the company on the national bourse is Rs339 per share.
ZIL Ltd, producer of household brands like Capri and Opal soaps, posted a net profit of Rs67.6m in January-March versus a net loss of Rs37.6m a year ago.
Published in Dawn, June 6th, 2023
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