Lahore: Maple Leaf Cement Factory Limited has announced a notable acquisition of shares in Agritech Limited, marking a significant shift in its investment portfolio. This strategic move was disclosed in compliance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited's Rule Book.

On October 15, Maple Leaf Cement Factory Limited reported the conversion of preference shares into 55,571,094 ordinary shares, each valued at Rs. 10, in Agritech Limited. This conversion has resulted in Maple Leaf Cement Factory Limited holding a total of 201,663,428 ordinary shares in Agritech Limited. This represents 33.66% of Agritech Limited's total paid-up share capital.

According to information available from the Pakistan Stock Exchange (PSX), this acquisition is a substantial development for Maple Leaf Cement Factory Limited, placing it as a significant shareholder in Agritech Limited. The conversion of shares aligns with the company's strategic interests and enhances its influence within the designated market category of agribusiness.

Maple Leaf Cement Factory Limited has communicated this development to the certificate holders of the exchange, ensuring transparency and adherence to regulatory requirements. This transaction underscores the company's commitment to expanding its investment footprint and diversifying its asset holdings.

The company's decision to increase its stake in Agritech Limited reflects a calculated approach to enhancing its market position and influence within the agribusiness sector. This move is anticipated to have long-term implications for both companies and their stakeholders.