Lahore: Maple Leaf Cement Factory Limited, under regulatory compliance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, has formally announced its intention to acquire additional shares and take control of Agritech Limited. The public announcement is scheduled for publication in both English and Urdu newspapers on July 29, 2024, and a copy will be submitted to the relevant office accordingly.
The acquisition proposal, managed by Next Capital Limited, outlines Maple Leaf Cement's plan to increase its stake in Agritech Limited. Currently, Maple Leaf Cement, along with Maple Leaf Capital Limited, collectively holds 87,412,501 shares of Agritech. The extent of additional shares to be acquired will be determined after the execution of share purchase agreements, in accordance with the regulatory guidelines.
According to information available from the Pakistan Stock Exchange (PSX), the share price of Agritech stood at Rs. 24.25 per share one day prior to the announcement, with a weighted average price of Rs. 23.84 over the past 28 days.
Maple Leaf Cement Factory Limited, a key player in the Kohinoor Maple Leaf Group, boasts substantial operations in Pakistan's textile and cement industries. The company operates the largest single cement production site in Pakistan with an annual clinker production capacity of 7.8 million tons. Additionally, Maple Leaf Cement has been diversifying its investments into the capital markets and healthcare sectors.
The acquisition move is part of a broader strategy to consolidate Maple Leaf Cement’s interests in the industrial sector. Kohinoor Textile Mills Limited remains the largest shareholder, holding 57.90% of Maple Leaf Cement's shares. The ultimate controlling shareholders, Mr. Taufique Sayeed Saigol and Mrs. Shehla Tariq Saigol, have substantial investments in various industries within and outside Pakistan.
As the transaction progresses, further details will be provided as per regulatory requirements and stakeholder interests.