Karachi: Fauji Fertilizer Company Limited has successfully completed its public offer to acquire shares in Agritech Limited, fulfilling its obligations under the Securities Act, 2015. The acceptance period for the public offer commenced on December 12, 2024, and concluded on January 4, 2025. During this timeframe, a total of 7.85 million ordinary shares of Agritech Limited were tendered by the public against the offer for 151.05 million shares.

According to the announcement, all tendered shares were accepted after verification, and the acquirer, Fauji Fertilizer Company Limited, made payments to the shareholders on January 6, 2025. The Manager to the Public Offer, Integrated Equities Limited, will now release the security furnished by the acquirer, in accordance with Regulation 1.6(1)(a) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017.

The initial offer was publicly announced on October 25, 2024, in The Nation and The Nawa-e-Waqt newspapers, with a revised offer published on November 20, 2024, raising the Public Offer price from PKR 38.84 to PKR 39.05 per share. Fauji Fertilizer aimed to acquire approximately 35.57% of Agritech Limited's total paid-up ordinary share capital.

According to information available from the Pakistan Stock Exchange (PSX), the public offer successfully concluded with all tendered shares from the 7.85 million submissions being accepted. The acquirer has already submitted a Compliance Report to the Securities and Exchange Commission of Pakistan (SECP), adhering to Regulation 26(3)(c) of the Regulations.

The acquisition process was carried out in compliance with the Securities Act, 2016, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Fauji Fertilizer Company Limited is committed to providing any further information or documents required by the relevant authorities.