LAHORE: A bourse filing Friday by Fatima Fertilizer Company Limited revealed its board of directors decided to delay the proposed merger between it and the wholly owned subsidiary, Fatimafert Limited planned for 1st January 2018.
The notification read “We will continue to keep you informed of any progress in respect of this matter.”
A fee payment row raged between Fatima Fertilizer and Sui Southern Gas Company (SSGC) over payment of tolling fee at the 2nd LNG terminal at Port Qasim, which was reported in early October.
A levelized tariff of $0.66 per million British thermal units (MMBtu) had been paid by Fatima Fertilizer, but according to SSGC it needed to pay $1.45 per MMBtu as per an accord approved by regulator.
Fatima Fertilizer Company Limited is the first and the only green field project which has materialized under the 2001 Fertilizer Policy of the Government of Pakistan, encouraging investors in this field, in view of growing demand of fertilizer in the country.
Fatimafert Limited markets urea under the brand Bubber Sher. Bubber Sher has delivered quality and value for more than 40 years and continues to enjoy a high brand share of preference in the markets it serves.
Fatima Fertilizer shares were trading at Rs30.49, up Rs0.90 from its Friday opening. KSE-100 index was trading at 39,213.83 points, up 498.06 points from opening on Friday.
