Karachi, Fatima Fertilizer Company Limited informed Pakistan Stock Exchange that pursuant to the orders of the Honorable Lahore High Court, Lahore and the provisions of Sections 279 to 283 read with section 285 and other applicable provisions of the Companies Act, 2017, and subject to any requisite approvals, sanctions, consents, observations and no objection as may be applicable, approval be and is hereby accorded for the Scheme of Compromises, Arrangements and Reconstruction (“the Scheme”), approved by the Board of Directors and circulated to the members of the Company, for (I) transferring /de-merging a certain portion of Manufacturing Undertaking of FFL (as defined in the Scheme), to be called as Manufacturing Undertaking of FFT (as defined in the Scheme), inclusive of all assets, rights, liabilities and obligations pertaining thereto and simultaneously transferring to the sane with and into FFT against the issue of shares by FFT (I) retention of all other remaining assets and liabilities, to be called as Retained Undertaking (ii) issuance of shares of FFT in the name of FFL against the transfer of Manufacturing Undertaking of FFT.”
Fatima Fertilizer Company Limited was incorporated in Pakistan on December 24, 2003. The company operates as a joint venture between two major groups in Pakistan namely Fatima Group and Arif Habib Group. The principal activity of the Company is manufacturing, producing, buying, selling, importing and exporting fertilizers and chemicals.
The fertilizer production complex produces Ammonia and Nitric Acid, which are intermediate products and Urea, Calcium Ammonium Nitrate, Nitro Phosphate and nitrogen Phosphorous Potassium which are final products. Foundation of the complex was laid on April 26, 2006 and the construction process commenced in 2007 and is housed on 950 acres of land.
The production capacity of the complex is 500,000 metric tons of Urea per annum, 420,000 metric tons of Calcium Ammonium Nitrate per annum, 360,000 metric tons of Nitro Phosphate per annum, 420,000 metric tons of NPK per annum.
The Shares of the Company are 2,100,000,000. The Earnings per Shares of the Company is 6.32 in 2020 which was 5.75 in 2019. Their Profit after Taxation is 13,274,691,000 in 2020 which was 12,069,682, 000 in 2019.