Karachi: Fauji Fertilizer Bin Qasim Limited ("Company") announced today, August 09, 2024, a significant proposal regarding its real estate assets. The Company's Board, adhering to Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1(a) of the Pakistan Stock Exchange Rule Book, has decided to recommend the sale of a substantial parcel of land to the Fauji Foundation.
The property in question spans 166.387 acres and is located in Pindi Bhattian. This recommendation, which is pending shareholder approval, was formalized during the Board's recent meeting.
According to information available from the Pakistan Stock Exchange (PSX), this strategic decision to divest the land aims to optimize the Company’s asset portfolio and enhance shareholder value, demonstrating a clear and transparent approach in line with regulatory requirements.
Market participants and certificate holders of the Exchange are advised to update their records and monitor this development closely as it progresses toward the shareholders' vote.