Lahore: In a significant corporate maneuver, Maple Leaf Cement Factory Limited (MLCF) has made a public announcement to acquire further shares and assume control of Agritech Limited. This move follows the compliance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The disclosure, made on July 29, 2024, involved the publication of a Public Announcement of Intention in prominent daily newspapers, the Business Recorder and Nawa-e-Waqt, ensuring visibility across all provinces. The documents submitted are certified true copies, serving as a formal record for the Pakistan Stock Exchange and its TRE Certificate Holders.

According to information available from the Pakistan Stock Exchange (PSX), Maple Leaf Cement, alongside Maple Leaf Capital Limited (MLCL), currently holds 87,412,501 shares of Agritech Limited. This figure represents a substantial portion of Agritech’s equity, with the intent to enhance this stake through both agreement-based acquisitions and public offers, details of which will be defined post-execution of the share purchase agreements.

Maple Leaf Cement, part of the broader Kohinoor Maple Leaf Group, operates Pakistan's largest cement production facility. It has diversified its interests into the healthcare sector and maintains substantial investments in several private and listed companies, including Kohinoor Textile Mills Limited, which holds a 57.90% stake in MLCF. The principal directors of the company are well-known figures in the corporate sector, adding a layer of significant expertise to the proposed acquisition.

The target, Agritech Limited, listed on April 12, 2010, has had fluctuating financial performances over the past five years, with the most recent quarterly report showing a net loss. As of July 24, 2024, the day before the public announcement, Agritech's shares were trading at Rs. 24.25 per share.

This acquisition is subject to regulatory approvals and the finalization of acquisition terms, marking a critical phase in MLCF’s strategy to consolidate its holdings in the industry.