An upstart firm from Karachi is seeking to gain over a third stake in SPCL. The target firm has been frozen at the bourse since 2022, but its current financial recovery paints an interesting tale
There is a significant development on the part of Saudi Pak Consultancy Company Limited. This development has made the JD Taurus stake SPCL bid very conspicuous. JD Taurus (Private) Limited has made an official move to acquire 35.06% of the issued paid up capital of SPCL in accordance with the Securities Act 2015, and in accordance with a direction issued by the Securities and Exchange Commission of Pakistan.
Structure of JD Taurus Stake SPCL Deal
The process through which the JD Taurus stake SPCL acquisition is made consists of two stages. The first stage involves the acquisition of 15,835,403 shares through the signing of an agreement, which is a private transaction.
After that purchase, JD Taurus will launch a public offer for another 32.47% stake, which involves 14,662,549 shares. The whole procedure involves a purchase directly followed by a mandatory public offer. Such two-staged approach is typical of Pakistan’s stock market regulation and aimed at providing minority shareholders with an equal chance to leave the business along with the rest of the shareholders, and not get stuck with a controlling shareholder who was never approved by them.
Who is Selling and Who is Buying?
The shares being bought out by JD Taurus in its SPCL stake buyout are held by Saudi Pak Industrial & Agricultural Investment Company Limited, referred to hereafter as SAPICO. The sale of this stake by SAPICO is a considerable change in ownership for an entity that has borne the Saudi Pak name for some time now.
For the buyer’s side, JD Taurus (Private) Limited is a relatively young player in the business environment of Pakistan. This company has been incorporated on October 28, 2025, and therefore this bid for acquisition would be one of its earliest initiatives post incorporation. CEO and director of JD Taurus is Mamoon Ur Rashid Qureishi, who is supported by directors Muhammad Yaqoob and Zahid Hussain. Equity distribution inside JD Taurus is 40 percent each for Qureishi and Yaqoob, and the rest 20 percent is held by Zahid Hussain.
The Central Party to the Agreement
SPCL, originally named Saudi Pak Leasing Company Limited, has an outstanding share capital amounting to 45,160,500. It seems like the transition that the company has undergone from being in the business of leasing to its present consultancy orientation goes beyond just name changing.
There is one unique feature about the deal that the J D Taurus has made for purchasing the stake SPCL that makes it very interesting from a market point of view. This is due to the fact that shares of SPCL have not been traded on the Pakistan Stock Exchange since March 22, 2022.
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Worth Mentioning – a Financial Comeback
While it is true that the company has been suspended from trading for quite some time now, it is also true that SPCL’s financial performance has improved in reality over the past few years. Its revenues have increased to Rs146 million in 2025 from Rs9 million in 2020.
Similarly, there was an incredible turnaround for profitability too. The firm had registered its profit after tax as Rs44 million during 2025, which marked a remarkable contrast to a profit of Rs53 million recorded five years ago. The earnings per share of the firm were Rs0.98 in 2025.
The Road Ahead
The JD Taurus stake SPCL deal is still subject to SECP regulatory approvals for it to proceed with the execution process. However, an inherent condition is present with the announcement of intention that makes it possible to withdraw the entire offer if the clearances are not received.
That conditionality implies that despite the deal having been formally announced and laid out, it still has to pass through all the necessary regulatory hurdles before completion. The market, as well as the existing shareholders of SPCL, will be observing how the process plays out, especially since the company is in a unique position being an improving firm but excluded from exchanges.
Nayab Fatima is a media professional specializing in fact-based journalism, research, and analytical reporting on technology, telecom, aviation, and automobiles.
