RMS (Private) Limited has officially withdrawn its offer to acquire Escorts Investment Bank Limited, according to Arif Habib Limited (AHL), the deal’s manager. The decision follows the expiration of the public announcement time frame, with necessary regulatory and other approvals for the transaction still pending.
In a stock exchange filing, AHL clarified that the withdrawal ensures compliance with legal and regulatory requirements.
This development underscores the importance of securing regulatory approvals before finalizing significant acquisitions, highlighting the adherence to legal frameworks within the financial sector.