ISLAMABAD, Aug 11: The Securities and Exchange Commission of Pakistan is seeking stakeholders opinion on the draft of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008.

The draft is being introduced after recent amendments to the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002.

The ordinance seeks to provide a fair, transparent and efficient system for acquisition of substantial voting shares and takeovers of listed companies.

Recently, the takeovers ordinance was amended through the Finance Act, 2008 and in terms of the newly inserted section 29-A, the SECP has been given the power to prescribe regulations for carrying out the purposes of the ordinance. In exercise of these powers, the commission has prepared the draft regulations, 2008.

In order to elicit public and stakeholders opinion, the draft takeovers regulations are being published in the official gazette of Pakistan.

Accordingly, it is notified that objections and suggestions, if any, received from members of public and stakeholders within the next fifteen days will be considered by the commission before finalising and issuing the takeover regulations.