Karachi: Fatima Fertilizer Company Limited has completed a significant acquisition of shares in Agritech Limited, according to an announcement made on September 12, 2024. The transaction involved the purchase of 9,933,449 voting shares at an average rate of Rs. 33.5382 per share, increasing Fatima's total holding to 42,908,228 shares. This acquisition brings Fatima's stake in Agritech to 10.10% of the total issued voting shares.
The acquisition, executed on September 10, 2024, was detailed in a Schedule-III filing as required under Section 110 of the Securities Act, 2015, and Regulations of the Pakistan Stock Exchange (PSX). The move is part of Fatima Fertilizer's strategic efforts to increase its influence in the fertilizer sector by expanding its shareholding in key market players.
According to information available from the Pakistan Stock Exchange (PSX), such transactions are significant as they impact shareholder values and can influence market dynamics. The details of this acquisition were communicated to key stakeholders, including the Manager Director of Pakistan Stock Exchange, the Chief Executive of Agritech Limited, and the Securities and Exchange Commission of Pakistan.
The filing also disclosed the particulars of the acquirer, Fatima Fertilizer Company Limited, which is headquartered at E-110 Khayaban e Jinnah, Lahore Cantt., with a considerable authorized share capital of Rs. 37,000,100,000. The board of directors at Fatima, including notable figures such as Mr. Arif Habib (Chairman) and Mr. Fawad Ahmed Mukhtar (CEO), are pivotal in this strategic expansion.
This acquisition does not currently extend to representation on the board of directors of Agritech Limited, indicating a strategic investment rather than an immediate operational takeover.
The details provided underscore Fatima Fertilizer's ongoing strategy to consolidate its position within the industry while adhering to regulatory requirements and ensuring transparency with market regulators and investors.