Karachi: Fauji Fertilizer Company Limited has officially announced the acquisition of a substantial shareholding in Agritech Limited from the National Bank of Pakistan (NBP). This strategic transaction involves the transfer of multiple share categories, enhancing Fauji Fertilizer’s position in the agricultural sector.

The sale and purchase agreement includes 106.00 million ordinary voting shares, 61.75 million listed, convertible, non-voting, redeemable, and cumulative preference shares, and 248.64 million non-convertible, redeemable, cumulative preference shares with limited voting rights. According to information available from the Pakistan Stock Exchange (PSX), these shares were part of a Scheme of Arrangement approved by the Lahore High Court on June 03, 2022.

This transaction aligns with the legal requirements stipulated in Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations. Fauji Fertilizer has committed to making mandatory disclosures to the PSX, the Securities and Exchange Commission of Pakistan, and Agritech Limited upon the completion of the transaction, in compliance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The acquisition marks a significant expansion in Fauji Fertilizer’s investment portfolio and is expected to influence the future strategic direction of Agritech Limited, given the new stakeholder dynamics.