A significant ownership change may be on the horizon for Saudi Pak Consultancy Company Limited (PSX: SPCL), as businessman Syed Sabur Rehman has announced his intention to acquire a 35.06% stake in the financially distressed listed company.
The proposed transaction, disclosed through a Public Announcement of Intention (PAI) under the Securities Act, 2015, has been submitted via the Pakistan Stock Exchange and is subject to regulatory approval.
Acquisition Subject to SECP Approval
According to the filing, the proposed acquisition involves 15.83 million ordinary shares, representing 35.06% of SPCL’s issued and paid-up capital. The announcement also refers to an additional 14.65 million shares (32.45%) under related arrangements, which remain subject to the applicable regulatory framework.
The acquisition cannot proceed without approval from the Securities and Exchange Commission of Pakistan (SECP), including the mandatory fit and proper assessment. Regulators retain the authority to suspend, reject, or reverse the transaction if legal and compliance requirements are not met.
Who Is Syed Sabur Rehman?
The announcement describes Syed Sabur Rehman as an experienced businessman with interests across multiple industries. His business background includes banking, textiles, hospitality, insurance, aviation, and investment holdings.
The filing also notes that he has corporate interests in Pakistan as well as overseas, including companies in the United Kingdom and the Maldives. His diverse business portfolio suggests the proposed acquisition could form part of a broader long-term investment strategy.
Saudi Pak Consultancy Faces Financial Challenges
Saudi Pak Consultancy Company has experienced prolonged financial and operational difficulties in recent years.
Key financial indicators include:
Issued and paid-up capital of 45.16 million shares
Trading on the Pakistan Stock Exchange suspended since March 2022
Negative book value of Rs8.84 per share for FY2025
Net worth remaining negative for several consecutive years
FY2025 earnings per share (EPS) of Rs0.98, despite a history of volatile financial performance
Because the company’s shares have remained suspended from trading, price discovery has been limited. The last recorded market price before suspension was Rs0.90 per share in March 2022.
Existing Shareholding Structure
At present, Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO) holds 35.06% of SPCL’s shares, making it the company’s largest institutional shareholder.
The company’s board is chaired by Syed Najmul Hasnain Kazmi, while Niaz Ahmed Khan serves as Chief Executive Officer.
Potential Turning Point for SPCL
If the proposed acquisition receives regulatory clearance, it could represent a major milestone for the long-suspended company. New ownership may provide an opportunity for restructuring, operational revival, or a strategic repositioning aimed at restoring the company’s long-term prospects.
However, the transaction remains at the intention stage. The outcome now depends on the SECP’s review and approval process, which will determine whether the proposed takeover can move forward.