KARACHI, Oct 8: A total of 73.9 per cent shares in Glamour Textile Mills Limited would change hands, according to a public announcement made by the acquirers on Wednesday.

Under Section 9 of the listed companies (substantial acquisition of voting shares and take-overs) Ordinance 2002, Mr Azhar Elahi and Associates announced that they intended to acquire 9.272 million ordinary shares of Rs10 each of Glamour Textile Mills Limited, a public limited company, listed on the Karachi and Lahore Stock Exchanges, for total consideration of Rs58.2 million. The amount worked out to be Rs6.28 per share.

The acquirers said they had agreed to purchase ordinary shares in marketable lots from all other shareholders of Glamour Textile Mills Limited at Rs6.28 per share. The offer was stated to be valid for 15 days from the date of announcement, i.e., October 6.

Other information contained in the announcement included: payment would be made from special account as provided Under Clause 20(1) of Ordinance, 2002; the directors accepted liability for information contained in the announcement; the acquirers were not business associates of proposed sellers of shares and that the acquirers were not related to proposed sellers.

Glamour Textile Mills Limited was listed at the stock exchanges in 1993. It currently holds paid-up capital of Rs116.4 million. Between January to September this year 900 shares in the company were traded at the Karachi Stock Exchange between the high and low price of Rs11.15 and Rs6.10.

The share in the company is currently quoted at Rs8.40. Glamour Textile sits on the textile spinning sector on the defaulters' counter, the company having been relegated to the defaulters' counter under listing regulation 32(1)(b) i.e. "failure to declare dividend/bonus for five years from the date of last declaration."