Karachi: In a significant move impacting the financial and agricultural sectors, the National Bank of Pakistan (NBP) has officially declared its decision to divest all its shares in Agritech Limited. This strategic financial maneuver encompasses the transfer of over 416 million shares across various categories, marking a pivotal shift in NBP's asset management strategy.

The decision, ratified by NBP's Board of Directors, entails the divestment of 106,014,632 ordinary shares, alongside a substantial quantity of preference shares. These include 61,748,756 listed, convertible, non-voting, redeemable, and cumulative preference shares, as well as 248,639,910 non-convertible, redeemable, cumulative preference shares with limited voting rights.

According to information available from the Pakistan Stock Exchange (PSX), the transaction's completion is contingent upon the execution of definitive agreements and the acquisition of necessary regulatory approvals. The bank has committed to adhering to the legal framework stipulated under Section 96 and 131 of the Securities Act 2015, as well as Regulation 5.6.1 of the Pakistan Stock Exchange Regulations, ensuring a transparent and compliant divestiture process.

The aggregate value of the shares being divested stands at approximately 150.00 million, underscoring the substantial scale of this transaction within the domestic market. This divestiture not only reflects NBP's strategic refocusing but also impacts the shareholding structure of Agritech Limited, potentially influencing its market operations and future growth trajectory.

Further developments regarding this divestiture will be closely monitored and promptly disclosed, maintaining the required transparency for TRE certificate holders and market participants. This strategic shift by NBP is expected to influence its operational focus and could lead to significant realignments within the financial sector involving other major players and stakeholders.