Fauji Foundation Withdraws from Acquiring Controlling Stake in Agha Steel

Fauji Foundation has withdrawn its Public Announcement of Intention to acquire shares and control of Agha Steel Industries Limited, manager to the offer Integrated Equities Limited told PSX on Tuesday. Negotiations with the Sellers to acquire voting shares in the Target have been inconclusive. “In view of the above and on behalf of the Acquirer, we hereby give notice of withdrawal of the PAI pursuant to Regulation 21(1)(b) of the Regulations read with relevant provisions of the Act,” the notice added. Agha Steel is principally engaged in manufacturing and sale of steel bars, wire rods and billets. Fauji Foundation is the largest social entity in Pakistan having a strategically diversified portfolio of companies in Fertilizer, Cement, Food, Power Generation (Thermal and Renewable), Oil & Gas Exploration, LPG marketing & distribution, Marine Terminals, Financial Services (Bank and Financial Brokerage), and Employment Services.