Agha Steel Industries Limited has announced that it has received a notice of Public Announcement of Intention (PAI) from the Fauji Foundation, indicating the foundation’s interest in acquiring shares and control of the company.Â
The notice was submitted by Integrated Equities Limited, acting as the Manager to Offer for Fauji Foundation.
The company disclosed this material information in compliance with the Pakistan Stock Exchange (PSX) regulations and stated that further updates will be provided as necessary, in accordance with legal requirements.
“The Company has received a notice of Public Announcement of intention from potential Acquirer i.e., Fauji Foundation, wherein the potential Acquirer has expressed its intention to acquire Shares and Control of the Company,” read the notice sent by Agha Steel industries to the PSX.Â
According to the Public Announcement of Intention submitted by Fauji Foundation, the specific number of shares to be acquired has yet to be determined at this point.
The company said that it will provide further updates to the PSX and its shareholders as necessary, in accordance with applicable legal requirements.
Following the announcement, AGHA’s share price surged 10%, or Rs1.26, reaching Rs13.82.
Agha Steel Industries Limited was incorporated on November 19, 2013 as a private limited company. It was converted into a public limited company on April 17, 2015. The company is principally engaged in manufacturing and sale of steel bars, wire rods and billets.
Fauji Foundation (FF) is a growth-driven ‘Social Hybrid Enterprise’ which earns to serve its beneficiaries. It 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.
FF has been in the construction sector for over 25 years with the cement business and thus intends to explore vertical integration opportunity of steel.
