Maple Leaf Cement Factory Limited (MLCF) has intended to acquire shares and control of Agritech Limited under the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Next Capital Limited, the manager of the offer, made this Public Announcement of Intention (PAI) on behalf of Maple Leaf Cement Factory Limited through a notice to the Pakistan Stock Exchange (PSX) on Thursday.
“On behalf of our Client, Maple Leaf Cement Factory Limited (herein referred to as the “Acquirer” or the “Client”), we, Next Capital Limited, hereby submit the Acquirer’s Public Announcement of Intention to acquire shares and control of Agritech Limited,” read the notice.
It further said that the Public Announcement of Intention is intended to be published in newspapers on July 29, 2024.
MLCF along with Maple Leaf Capital Limited already owns 87,412,501 shares of Agritech and intends to acquire additional shares and control of the Target Company.
MLCF is part of the Kohinoor Maple Leaf Group which is a reputable manufacturer of textiles and cement in Pakistan. It also operates in capital markets and has started to invest in the healthcare sector.
MLCF is the largest single cement production site in Pakistan. Currently, the MLCF operates via four production lines for the production of grey cement and one line for white cement. The total installed capacity for clinker production is 7.8 million tons annually.
