Karachi: Agritech Limited has publicly disclosed that Fauji Fertilizer Company Limited intends to acquire a significant share of control that goes beyond the regulatory threshold, according to the latest compliance filings with the Pakistan Stock Exchange Limited (PSX). The move, notified on September 10, 2024, aims to consolidate significant voting shares and control over Agritech Limited.
This declaration aligns with the procedures outlined in the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Regulations, 2017. The formal notice of this intention was forwarded by Integrated Equities Limited, the Manager to Offer designated by Fauji Fertilizer, and was accompanied by the necessary disclosure forms stipulated under the Securities Act.
According to information available from the Pakistan Stock Exchange (PSX), the notification from Fauji Fertilizer to Agritech Limited marks a critical juncture, as the intended acquisition crosses the thresholds set under Section 111 of the Securities Act, 2015. Such movements are closely watched by market participants as they can significantly influence market dynamics and company valuations.
Agritech Limited has requested the PSX to promptly disseminate this information in compliance with regulation 5 of the Regulations, ensuring that all market participants and shareholders are adequately informed of the developments.
This announcement is part of the broader strategic initiatives by major corporations in Pakistan to consolidate their market positions through acquisitions. The details and implications of such consolidations are monitored by regulatory bodies to ensure that they align with the financial and competitive practices governed by law.