Fauji Fertilizer Company Limited (FFC) and Maple Leaf Cement Factory Limited (MLCF) have jointly published a comparative statement in leading newspapers, outlining their competitive bids for acquiring shares and control of Agritech Limited (AGL). This publication complies with the requirements of the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Both companies filed comparative statements with the Pakistan Stock Exchange on Wednesday.
FFC Offer:
First made on October 25, 2024, the offer was revised upward on November 20, 2024. The size of the offer is now 151.05 million shares (35.57% of AGL’s total paid-up capital) at PKR 39.05 per share.
The acceptance window for the offer is December 12, 2024, to January 4, 2025. Currently, FFC holds 28.86% of AGL’s share capital.
MLCF Offer:
MCLF, a part of the Kohinoor group, first made its offer on November 11, 2024. The size of the offer is 160.76 million shares (37.86% of AGL’s total paid-up capital) at PKR 39.00 per share.
The acceptance window for their offer is December 29, 2024, to January 4, 2025. Currently MLCF holds 24.28% of AGL’s share capital.
Significance of the Takeover:
Agritech Limited, a key player in Pakistan’s agricultural input sector, has become the focus of these high-profile bids, reflecting its strategic value in the agro-industrial landscape. The competing offers underscore an intensified interest in enhancing market share and influence in the fertilizer and agribusiness value chain.
The comparative statement provides transparency and ensures that stakeholders, including shareholders and regulatory bodies, have access to critical information for decision-making. Eligible shareholders, as recorded on November 29, 2024, are encouraged to review both offers and participate accordingly.
The disclosures have been filed with the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP). Both companies have assured adherence to regulatory frameworks governing substantial acquisitions.
Shareholders now face a critical decision between two leading industrial giants vying for control of Agritech Limited.
