RMS (Private) Limited, a construction company, has entered into a share purchase agreement (SPA) with Baluchistan Wheels Limited (BWHL).

The development was shared by BWHL in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“Razak H.M. Bengali, Muhammad Siddique Misri and Muhammad lrfan Ghani, the majority shareholders (63.56%) of Baluchistan Wheels Limited, have entered into SPA on October 09, 2023, with RMS (Private) Limited for sale of 8,474,907 shares of the target company held by Razak H.M. Bengali, Muhammad Siddique Misri and Muhammad Ulan Ghani, which is 63.56,6 of the issued and paid-up capital of the target company,” read the notice.

BWHL said the consummation of the proposed transaction will be subject to the terms of the SPA, including issuance of public offer by the acquirer, receipt of requisite approvals, including clearance from the Competition Commission of Pakistan (CCP), and completion of other closing formalities.

Back in August, RMS (Private) Limited expressed its intention to acquire the majority stake in BWHL.

“On behalf of the acquirer, we are pleased to submit a Public Announcement of Intention to acquire up to 63.56% shares of Baluchistan Wheels Limited by RMS (Private) Limited,” read the notice.

RMS (private) Limited is a traditional construction company which is registered with Pakistan Engineering Council in Category C-A.

Baluchistan Wheels Limited, incorporated in Pakistan on 16 June 1980, is engaged in manufacturing and marketing of automotive wheel rims for trucks, buses, tractors, cars and mini commercial vehicles.