Karachi: Fauji Fertilizer Company Limited (FFC) has announced a significant transaction involving its holdings in Agritech Limited (AGL), a move that reflects a strategic shift in its investment portfolio. On September 29, 2023, FFC disclosed the conversion of its preference shares in AGL to ordinary shares, resulting in the issuance of 91,666,021 new ordinary shares to the company.

This conversion elevates FFC's total holdings to 223,835,405 ordinary shares, now representing 37.36% of Agritech's total paid-up share capital. The transaction, executed under the regulatory framework provided by the Securities Act, 2015, and the Rule Book of the Pakistan Stock Exchange Limited, marks a substantial increase in FFC's equity stake in Agritech.

According to information available from the Pakistan Stock Exchange (PSX), this development is in compliance with Sections 96 and 131 of the Securities Act, 2015, ensuring transparency and adherence to regulatory standards. The acquisition positions FFC as a major shareholder in Agritech, reflecting the company's confidence in Agritech's business prospects.

The market category for this transaction falls under the equity investment sector, with implications for both companies' strategic goals. TREC holders have been informed of the development, ensuring that all stakeholders are apprised of the changes in shareholding structure.