Fauji Fertilizer to Buy Agritech Limited

The Board of Directors of Fauji Fertilizer Company Limited (PSX: FFC) has approved the acquisition of shares and control in Agritech Limited (AGL) by the Company along with any associated company(ies), any other shareholder(s) of the Target or any other person/entity, led by the Company. Subject to completion of necessary corporate and regulatory formalities where required, the Board authorized the issuance of a Notice of Intention to AGL, PSX and SECP, appointed Integrated Equities Limited as Manager to the Offer (MTO), and sanctioned the commencement of due diligence and negotiation of acquisition terms, according to a notification to the Pakistan Stock Exchange (PSX). The principal activity of the Company is manufacturing, purchasing and marketing of fertilizers and chemicals, including investment in other fertilizers, chemical, cement, energy generation, food processing and banking operations. At the time of filing, the company’s scrip at the bourse was Rs. 180.89, down 1.83 percent or Rs. 3.38 with over 3.38 million shares on Tuesday.