The Securities and Exchange Commission of Pakistan has issued a consultation paper seeking feedback on areas for improvement in the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, with the stated aim of strengthening the framework for takeover transactions through greater transparency and safeguards for minority shareholders. The paper proposes streamlining public announcement timelines, revising price determination criteria for frequently traded and not frequently traded shares, and enhancing disclosure requirements for both acquirers and listed companies. It also flags potential provisions on voluntary offers, the obligations of the Manager to the Offer, and mechanisms for handling indirect or chain acquisitions, drawing on an initial round of stakeholder engagement and now widening participation. Comments are invited within fifteen days of the notification.

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