Karachi: Fauji Fertilizer Company Limited has initiated a formal move to acquire shares and take control of Agritech Limited, marking a significant potential shift in ownership under the frameworks provided by the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Integrated Equities Limited (IEL) has been designated as the Manager to Offer (MTO) by Fauji Fertilizer Company, facilitating this acquisition process. According to information available from the Pakistan Stock Exchange (PSX), this acquisition is not just a change in financials but could reshape strategic operations within the sector.
The official announcement of the intention to acquire, known as a Public Announcement of Intention (PI), will be disseminated through one English and one Urdu newspaper within the next two working days. This step is in strict adherence to the regulatory requirements stipulated by both the Act and the Regulations, ensuring transparency and proper disclosure in the transaction process.
The acquisition of Agritech Limited by Fauji Fertilizer Company highlights a significant maneuver within the agricultural sector, indicating potential shifts in market dynamics and operational control.