Karachi: Fatima Fertilizer Company Limited has announced the acquisition of Fatima Petroleum Company Limited's entire shareholding, marking a significant move in its strategic diversification efforts. This acquisition, approved by the Board of Directors, is set at the face value of the shares and aligns with the company’s long-term objectives.

The acquisition involves Fatima Petroleum Company Limited, a public unlisted entity, which has recently secured farm-out agreements with Orient Petroleum Inc. (OPI). These agreements enable Fatima Petroleum to acquire various petroleum interests subject to regulatory clearances and requisite governmental approvals. The interests include a 25% working interest in the Marwat block located in Khyber Pakhtunkhwa, a 24% working interest in the Harnai South block situated in Balochistan, and a 10.50% working interest in the Ratana D&P Lease located in Punjab.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition is a strategic move by Fatima Fertilizer to diversify its portfolio and increase its footprint in the energy sector. The move is considered a Very large or significant move within the designated market category.

The completion of this acquisition is contingent upon the execution of deeds of assignment and the fulfillment of all necessary regulatory and governmental requirements. Fatima Fertilizer Company Limited's decision underscores its commitment to expanding its business horizons beyond its core operations.