Karachi: In a significant move within the Pakistani equities market, Fauji Fertilizer Company Limited has successfully completed its acquisition of a substantial stake in Agritech Limited. The acquisition process, conducted under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, culminated on January 04, 2025, marking a pivotal moment for both companies involved.

The acquisition was initiated with a Public Announcement of Offer by Fauji Fertilizer Company Limited, which was published in The Nation and The Nawaoe-Wagt on October 25, 2024. The offer was to acquire up to 151.05 million ordinary shares, representing approximately 35.57% of Agritech Limited's total paid-up ordinary share capital. Following the initial announcement, a Revised Public Announcement of Offer was made on November 20, 2024, which included an upward revision of the Public Offer price from PKR 38.84 per share to PKR 39.05 per share.

According to information available from the Pakistan Stock Exchange (PSX), the Acceptance Period for the Public Offer concluded at 5:00 p.m. (PST) on January 04, 2025. During this period, Fauji Fertilizer Company Limited received a total of 7.85 million ordinary shares from the general public. This acquisition allows the company to gain significant control over Agritech Limited, further consolidating its position within the agricultural sector.

All shareholders of Agritech Limited who tendered their shares in the Public Offer have been duly compensated by Fauji Fertilizer Company Limited. The company has also submitted a Compliance Report to the Securities and Exchange Commission of Pakistan (SECP), in accordance with Regulation 26(3)(c) of the Regulations, ensuring that all procedural requirements have been met.

This acquisition marks an important development in the designated market category and highlights the ongoing strategic maneuvers within the Pakistani equities market. Fauji Fertilizer Company Limited's successful acquisition of Agritech Limited shares is expected to have significant implications for the market dynamics in the coming months.