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KARACHI:Hum Network Limited (HUMNL) on Tuesday issued a public notice on the Pakistan Stock Exchange (PSX) regarding a story published in Profit Magazine titled, “Is Sultana Siddiqui about to lose control over Hum TV?”, confirming the possibility of a covert takeover of the company.

The notice agrees to the fact that there are reasonable grounds to believe that Kingsway Capital and JS are working together in a covert takeover which prompted the company to analyse its shareholding pattern.

During the second week of April 2020 until May 2020, Aitkenstuart Pvt Ltd (APPL) started acquiring and accumulating shares of the target company.

As per the shareholding records and the notice issued by HUMNL, APPL acquired at least 83,462,000 shares of HUMNL, which make up approximately 8.83 per cent of of the total issued capital of HUMNL

Hum Network said that it is, however, possible that more of its shares may have been bought