ARL Chairman Offers To Buy Hospital Stake

Attock Refinery Limited (ARL) has disclosed that its Chairman and Director, Shuaib A. Malik, has submitted a proposal to acquire a 70% equity stake in Attock Hospital (Private) Limited, a wholly owned subsidiary of the refinery company.

The development was communicated through a formal notice submitted to the Pakistan Stock Exchange (PSX), wherein ARL stated that the offer would be presented to its Board of Directors for review and consideration.

At present, Attock Hospital (Private) Limited is entirely owned by Attock Refinery Limited. Should the proposed transaction receive the necessary approvals and be completed, Mr. Shuaib A. Malik would become the majority shareholder by acquiring a 70% interest in the company, while ARL’s ownership stake would be reduced from 100% to 30%.

The company’s disclosure did not provide details regarding the proposed purchase consideration, valuation methodology, payment arrangements, financing structure, or any other commercial terms associated with the offer.

ARL emphasised that the submission of the proposal should not be construed as a concluded transaction. The proposed acquisition remains subject to the negotiation and finalisation of definitive terms, execution of formal transaction documents, and receipt of all applicable corporate, legal, and regulatory approvals.

The company further noted that the proposal must first be reviewed and approved by the Board of Directors of Attock Refinery Limited. Given that the prospective purchaser is also the company’s Chairman and Director and seeks to acquire a controlling interest in a subsidiary, the transaction may be subject to additional governance requirements and approval processes applicable to related-party transactions.

No indication was provided regarding the timeline for board deliberations, completion of due diligence, approval procedures, or potential closing of the proposed acquisition.

ARL stated that it remains committed to maintaining transparency and will continue to keep the Pakistan Stock Exchange informed of any material developments concerning the proposed transaction as and when they arise.