TWF Holding LLC-FZ, owned by Dr Salomon Jacobus Van Rooijen, has acquired a controlling stake in ZIL Limited, a Pakistani manufacturer of home and personal care products, from New Future Consumer International General Trading (NFCIGT), which is also wholly owned by Van Rooijen.
ZIL shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“We, TWF Holding LLC-FZ, 100% owned by Dr Salomon Jacobus Van Rooijen, have acquired 5,194,514, i.e. 84.8416% voting shares of ZIL Limited at the rate of Rs297.50 per share on 12 May 2025, through a Share Purchase Agreement between TWF Holding LLC-FZ and New Future Consumer International General Trading LLC, 100% owned by Dr Salomon Jacobus Van Rooijen,” read the notice.
However, the transaction does not trigger a mandatory public offer, as would normally be the case under Part IX of the Securities Act, because it qualifies for an exemption under Section 109(1)(h)(iii) — likely because it’s a transfer between two entities owned by the same person.
“Before this acquisition, we were holding nil, i.e. 0% shares of the company (ZIL Limited). After the abovementioned acquisition, our total shareholding in the company is 5,194,514 shares, which represent 84.8416% of the total issued voting shares of the company,” added the notice.
Earlier in February, ZIL Limited informed the bourse that NFCIGT would transfer its entire shareholding in ZIL to TEF Holding.
In 2023, ZIL Limited was acquired by NFCIGT, a UAE-based company, which held the same 84.84% stake in the Pakistani listed company.
