KARACHI: Chinese company Shandong Ruyi Science and Technology Group Co Ltd has pulled back its offer to acquire 31.2 million shares in Masood Textile Mills Limited — a company listed on the KSE’s textile sector.

The intended acquisition approximated to 52 per cent of the 60m issued and paid-up shares of the company.

The scrapping of the proposed deal was announced on Tuesday by the head of investment banking division of AKD Securities, the manager to the offer. But he did not say why the deal fell apart.

The interest in acquisition by the Chinese company along with Shahid Nazir Ahmad and Ms Nazia Nazir was first announced on Dec 7 last year, under the relevant regulation of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008.

The Chinese company is said to be an international enterprise group which holds $375m in total assets, specialises in textile and cotton made-ups and employs 20,000 people.

Published in Dawn, October 1st, 2014