Rawalpindi: Fauji Fertilizer Company Limited has formally declared its intention to acquire shares and control of Agritech Limited, as disclosed in recent public announcements in "The Nation" and "Nawa-e-Waqt" newspapers. This strategic move is outlined following the guidelines set by Sections 96 and 131 of the Securities Act, 2015, and Clause 66.1 of the Pakistan Stock Exchange Limited Rule Book.
The proposed acquisition, detailed in the public announcements made on September 10 and 11, 2024, is subject to the fulfillment of regulatory requirements, including due diligence, finalization of acquisition terms, and necessary corporate approvals. Fauji Fertilizer, a key player in the manufacturing and marketing of fertilizers and chemicals, aims to enhance its market share by integrating Agritech Limited into its operations.
According to information available from the Pakistan Stock Exchange (PSX), such acquisition intentions are critical for ensuring market stability and providing transparency to shareholders and potential investors. The public has been advised that the acquisition is contingent on the necessary approvals from relevant authorities, and there remains a possibility of withdrawal should these not be granted.
Fauji Fertilizer, with substantial holdings in various sectors including banking and energy, has been a prominent figure on the PSX, with Fauji Foundation being its largest shareholder. The acquisition process will be managed by Integrated Equities Limited, located at 30 Cricketers Colony, IEL Tower, NETSOL Avenue, Lahore.
Agritech Limited, listed since April 12, 2010, has had varying financial performance over the years, with its major shareholders including national and international banking institutions. As of the last reporting period ending June 30, 2024, Agritech had a total of 424,645,119 ordinary shares valued at PKR 10 each.
This acquisition marks a significant step for Fauji Fertilizer as it continues to expand its footprint in the fertilizer industry, aligning with its long-term strategic goals. All interested parties and TREC holders have been duly informed, ensuring compliance with regulatory standards and market expectations.