Potential buyer approaches FFBL for acquisition of Fauji Meat

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KARACHI: Fauji Fertiliser Bin Qasim Limited (FFBL) informed in a notice sent to the Pakistan Stock Exchange (PSX) that it has been approached for the acquisition of its subsidiary company Fauji Meat Limited (FML).

According to the notice, FFBL has been approached by a potential acquirer that has expressed its intention to enter into negotiations or discussions with the company for the proposed acquisition of majority voting shares in FML.

FFBL holds 83 percent stake in FML while the remaining 17 percent is owned by Fauji Foundation.

FML holds assets worth Rs8.2 billion, of which Rs6.6 billion is plant and machinery while the value of the subsidiary in FFBL’s book is Rs3.7 billion.

Earlier this year, Fauji Foods Limited (FFL) was approached by Inner Mongolia Yili Industrial Group for the proposed acquisition of upto 51% voting shares of FFL, but negotiations between the two companies were unsuccessful and the acquisition offer was withdrawn. The Yili group in one of China’s largest producers of dairy products and is listed as an “A Share” company on the Shanghai Stock Exchange.

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