KARACHI: A company incorporated in March 2021, GAZPAK (Private) Limited, along with Irtaza Zafar Shaikh, has made an offer to acquire 16.57 per cent stake and control of Hallmark Company Limited, a bourse filing said.
Manager to the offer Muhammad Munir Muhammad Ahmed Khanani Securities Limited on behalf of Irtaza Zafar Sheikh and GAZPAK (Private) Limited offered to acquire 82,890 shares at the rate of Rs73.30/share, translating into Rs6.07 million.
In March this year, GAZPAK acquired more than 51 per cent stake in the Landmark Spinning Industries Limited together with the management control.
GAZPAK Limited is owned by Salim Chamdia and Zainab, and have an authorised capital of Rs30 million. The principle line of GAZPAK is to carry on the business of services legally permissible, and also to make sale, purchase, import, export and to act as the general traders for products and commodities
The Hallmark Company Limited was incorporated as a public limited company on October 31, 1981 engaged in the general insurance business. With the promulgation of the Insurance Ordinance 2000, the requirement of minimum paid-up capital for an insurer was enhanced.
The company did not find itself in a position to increase its paid-up capital to the required minimum level and had ceased to underwrite insurance business with effect from January 1, 2003.
The company surrendered the insurance licence and removed the company’s name from the insurance ambit and to diversify the nature of business instead of insurance business.
In 2017, the management of the company successfully changed its business activity to revive its operations. The Hallmark Company now offers a wide range of products, which fall under the information technology ambit and includes but not limited to devices for datacenter, end-user computing and identity and security portfolio.
The company is heading to carve a niche by providing the right solutions at a right time and cost, with high-quality comprehensive range of pre- and post-sale support services.
The company is listed at the Pakistan Stock Exchange and its shares are being traded on normal counter.
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