No chance to ‘take-over’ Hum Network for JS Group as now it is in minority as the biggest players of stocks market obtained almost 417 million shares for Sultana Siddiqui and his family
KARACHI: Sultana Siddiqui, owner of Hum Network limited (Hum TV), will continue her management control on Hum Network as the powerful brokers of Pakistan Stock Market comes in her support by picking 417 million shares from the stock market.
Jahangir Siddiqui, who is a real brother of Sultana Siddiqui, wanted to have management control on Hum Network and in this connection, he tried to take control of Hum Network in August 2020.
A broker said, “JS group partners left it alone in the market because of the corruption cases against it.” He said a number of corruption cases has been revealed by the media in last few months that why the partners sold Hum Network share in the market and supporters of Sultana Siddiqui purchased it.
“There is no chance to take over Hum Network for JS Group as now it is in minority as the biggest players of the stocks market purchased almost 417 million shares for Sultana Siddiqui and his family,” the broker added.
Arif Habib Securities has obtained 225.4 million shares, Optimus Securities obtained 73 million shares, AKD Securities 28 million shares, Sherman Securities 28 million shares, ASDA Securities 8 million shares, MN InterMarket Securities 14 million and Akik Capital 5.5 million shares and others Securities also acquired Hum Network Share today.
The shares of Hum Network were sold/purchased in between Rs 6 to Rs 6.75, the stock market website said.
A meeting of Hum Network’s Board of Directors was postponed for a month in August 2020. Later, it members of the board of directors filed a petition in Sindh High Court (SHC) against this take over. After issuing stay order on it, the case is pending in SHC.
In August 2020, it was revealed that Sultana Siddiqui and her family have only 40 to 45 per cent shareholding to control its management and now the case has turned and now she would have above 60 per cent shares with the moral support of Arif Habib Group and AKD group.
Earlier, Sultana Siddiqui and Family, who have owned 50% of the company’s share, sold a major portion to Kingsway Fund and retained only 30% of the company’s ownership.
In short, immediately after the sale to Kingsway, the shareholding of the company stood as follows: 30% was held with Sultana Siddiqui and family, over 20% with Kingsway Fund and around 10% with a JS led company.