NBP divests entire shareholding in Agritech Limited

The National Bank of Pakistan (NBP) has fully divested its shareholding in Agritech Limited, as confirmed in an official disclosure sent to the Pakistan Stock Exchange (PSX) on Tuesday. 

The divestiture includes 106,014,632 ordinary shares, 61,748,756 listed convertible non-voting redeemable cumulative preference shares, and 248,639,905 non-convertible redeemable cumulative preference shares with limited voting rights, as per a Scheme of Arrangement approved by the Lahore High Court.

NBP has confirmed that the transaction was completed in accordance with all applicable legal and regulatory requirements. 

The Pakistan Stock Exchange (PSX) has been informed to notify TRE certificate holders of the completion of the divestiture.

Earlier on October 09, the board of the NBP approved divesting its entire shareholding in Agritech Limited. 

In September, Fauji Fertilizer (FFCL) approved the acquisition of shares and control in Agritech Limited and any associated company(ies). 

FFC issued a Notice of Intent (NOI) to Agritech, the Pakistan Stock Exchange (PSX), and the Securities and Exchange Commission of Pakistan (SECP). It appointed Integrated Equities Limited as the manager of the offer and authorized the commencement of due diligence and the negotiation of acquisition terms.

In August, Fatima Fertilizer announced its intention to acquire various financial instruments of Agritech Limited, including ordinary shares, convertible and non-convertible preference shares, zero coupon term finance certificates, and zero coupon sukuks.