The Securities and Exchange Commission of Pakistan has directed that the proposed acquisition of voting shares and control of Al Shaheer Corporation Limited remain suspended until further orders from the Commission. The directive follows an order issued by SECP on August 10, 2026, under Section 125 of the Securities Act, 2015, concerning the Public Announcement of Intention dated June 30, 2026. The proposed transaction involves the acquisition of more than 53.50% of the issued and paid-up share capital and control of Al Shaheer Corporation.
Muhammad Farrukh was identified as the proposed acquirer and intended to acquire at least 53.50% of the ordinary shares and control of the company. AKD Securities Limited had been appointed as Manager to the Offer and submitted the Public Announcement of Intention on behalf of the acquirer, subject to the required regulatory approvals. The intended transaction comprised 200,601,858 shares, representing 53.50% of the company’s issued share capital, through a Share Purchase Agreement, along with another 64,690,012 shares, representing 17.25%, through a public offer.
The persons acting in concert with Muhammad Farrukh are Fehmida Amin and Sualeha Farrukh. Muhammad Farrukh was identified as the ultimate acquirer and ultimate controlling shareholder. The existing voting rights held by the acquirer and persons acting in concert included 5,500,000 shares, or 1.47%, held by Muhammad Farrukh, 39,391,655 shares, or 10.51%, held by Fehmida Amin, and 50,000 shares, or 0.01%, held by Sualeha Farrukh. The proposed acquisition would therefore have involved a substantial change in the ownership and control structure of Al Shaheer Corporation.
Muhammad Farrukh has more than 22 years of experience in the edible commodities sector, covering the processing and trading of rice, wheat, flour, spices, salt and other staple goods. His business interests include Unity Packages (Pvt) Limited, where he holds 33.33% as Director and Chief Executive Officer, Unity Feeds (Pvt) Limited, where he holds 50% as Director and Chief Executive Officer, and Kairos Resources (Pvt) Limited, where he holds 50% as Director. These businesses operate across commodity trading, edible oils and financial consultancy, respectively.
Al Shaheer Corporation’s board comprises Sualeha Farrukh as Chairperson, Muhammad Farrukh as Director and Chief Executive Officer, and Jalees Edhi, Muhammad Ayub Khan Durrani, Muhammad Azhar Ghauri and Ammar Junaid as directors. The company’s major shareholders include Fehmida Amin with 10.51%, DJM Securities Limited with 9.47%, Dawood Jan Muhammad with 9.47%, Danish Elahi with 8.35%, Raza Elahi with 5.38%, Sumya Builders & Developers with 5.33% and Afshan Sohail with 5.19%. Al Shaheer Corporation has 374,923,537 issued ordinary shares with a face value of Rs10 each and was listed on the Pakistan Stock Exchange on August 24, 2015, at an offer and opening price of Rs95 per share.
The company’s financial position has also changed considerably in recent years. As of March 31, 2026, its unaudited nine-month financial results showed total assets of Rs4.36 billion, compared with Rs5.34 billion in FY25 and Rs4.20 billion in FY24. Total liabilities stood at Rs4.07 billion in the nine-month period, while shareholders’ equity declined to Rs286 million from Rs420 million in FY25 and Rs813 million in FY24. Net sales stood at Rs1.61 billion during the nine months of FY26, while the company recorded a loss after taxation of Rs133 million and a loss per share of Rs0.36. No dividend per share was declared during the reported periods. The suspension means the proposed acquisition cannot proceed further unless and until SECP issues further directions regarding the transaction.
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