Shareholders of Fatima Fertilizer Company Limited (PSX: FATIMA) voted in favor of a Rs7.66 billion investment in Real Estate Investment Trusts (REITs) during the annual general meeting (AGM) held on Friday.
Arif Habib Dolmen REIT Management Limited will manage the proceedings of this investment.
The resolution allows Fatima Fertilizer to allocate the said capital for a period up to the next annual general meeting or an unspecified period, in accordance with the terms and conditions outlined in Annexure-A of the Statement under Section 134(3) of the Companies Act, 2017.
The approved investment allocation among associated companies and undertakings is as follows:
Pakistan Corporate CBD REIT: PKR 1.142 billion
Silk Islamic Development REIT (SIDR): PKR 150 million
Sapphire Bay Islamic Development REIT (SBIDR): PKR 4.120 billion
REITs under management of Arif Habib Dolmen REIT Management Ltd: PKR 2.250 billion
Additionally, shareholders ratified prior equity investments made by FATIMA in various REITs, including Rs 600 million in Silk Islamic Development REIT (SIDR), Rs 858 million in Pakistan Corporate CBD REIT, and Rs 880 million in Sapphire Bay Islamic Development REIT (SBIDR).
This decision reflects the company’s strategic move to diversify its investment portfolio, but its impact on the market and future financial performance remains to be seen.