ISLAMABAD, Oct 30: The President has promulgated an Ordinance to be called the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance-2002.

The Ordinance overrides other laws. The provisions of this Ordinance shall have effect notwithstanding anything contained in the Companies Ordinance, 1984 (XLVII of 1984), or any other law for the time being in force or in any charter, statute or memorandum or articles of association or in any applicable document or resolution.

Chapter II, clause 4 of the document provides that any acquirer who acquires voting shares, which could entitle the acquirer to more than ten per cent voting shares in a listed company, shall disclose the aggregate of his shareholding in that company to the said company and to the stock exchange on which the voting shares of the said company are listed.

The 23-page Ordinance comes into effect at once and extends to the whole of Pakistan.—APP