Arif Habib selling Aisha Steel, but not all of it

Resource from: The Express Tribune Likes:206

Jan 04,2015

A ‘substantial stake’ in Arif Habib’s Karachi-based steel mill may be up for grabs, but that does not mean that the business magnate has given up entirely on the country’s steel sector. The Arif Habib Group holds a 52% stake in Aisha Steel Mills, which is the largest supplier of cold rolled coil (CRC) steel in the domestic steel industry with an approximate market share of 49%. According to two stock exchange filings on Friday, an up-and-coming player in the local steel industry, Orient Metals, wants to enter the CRC steel business by acquiring a substantial shareholding in Aisha Steel. The two separate notices by Aisha Steel, a publicly traded company, and Meezan Bank, the buy-side merger and acquisition (M&A) adviser to Orient Metals, stopped short of stating the exact shareholding that the acquirer wants to buy. However, official sources confirmed on Saturday that the Orient Group is eying more than a 50% stake in Aisha Steel. Apart from the Arif Habib Group, two other shareholders namely Metal One Corporation and Universal Metal Corporation own 19% and 17% shareholdings, respectively, in Aisha Steel. In addition, institutional investors and the general public own another 12% shares in the company. Speaking to The Express Tribune, an Arif Habib Group official said the acquirer is likely to buy out the entire shareholdings of Metal One Corporation and Universal Metal Corporation. Moreover, the Orient Group will also acquire some minority shareholding in line with the Substantial Takeover Ordinance, he added.

(The Express Tribune)

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