Karachi: Agritech Limited (AGL) has publicly disclosed a significant transaction involving its shares. Fatima Fertilizer Company Limited (FFCL) has acquired a 10.10% stake in AGL, as per a formal communication dated 12 September 2024. This acquisition aligns with the regulatory framework set by the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017.
According to information available from the Pakistan Stock Exchange (PSX), the letter from FFCL to AGL, which cites Section 110 of the Securities Act and regulation 4(2) of the takeover regulations, marks a substantial move in the agritech sector's landscape. The transaction's compliance with the prescribed laws ensures transparency and fair trading practices, safeguarding shareholder interests.
AGL has requested the Pakistan Stock Exchange to circulate this information promptly to fulfill the obligations under regulation 5 of the Listed Companies Regulations. This move is likely to influence AGL's stock performance, reflecting the strategic interest of FFCL in increasing its stake in the company.
The disclosure form accompanying this notice further underlines the commitment of both companies to adhere to the highest standards of corporate governance and regulatory compliance. This transaction is a clear indicator of the evolving dynamics within Pakistan’s fertilizer sector, with significant implications for market stakeholders.