The Pakistan Stock Exchange (PSX) has announced the delisting of Fauji Fertilizer Bin Qasim Limited (FFBL) following its merger and amalgamation with Fauji Fertilizer Company Limited (FFC).
According to a notice issued by the PSX, the delisting will take effect from Tuesday, December 31, 2024. The decision comes after the fulfillment of all necessary requirements for the merger.
“It is hereby informed to all concerned that as a result of the merger/amalgamation of Fauji Fertilizer Bin Qasim Limited (FFBL) with and into Fauji Fertilizer Company Limited (FFC) and on fulfillment of relevant requirements, FFBL shall stand delisted from the Exchange with effect from tomorrow, i.e., Tuesday, December 31, 2024,” read the PSX notice.
The Lahore High Court’s Rawalpindi Bench approved the merger of FFBL with and into FFCL on December 5, 2024. The merger was approved under a Scheme of Arrangement dated September 26, 2024. The judgment, issued on December 4, 2024, allowed FFCL to proceed with the amalgamation, including ancillary matters related to the merger.
Under the Scheme of Arrangement, FFCL will issue a total of 150,870,449 fully paid ordinary shares to FFBL shareholders, excluding FFCL and its nominees. The share swap will follow a ratio of one (1) FFCL share for every 4.29 ordinary shares of FFBL, based on a face value of PKR 10 per share, with adjustments for fractional shares.
The merger, approved by the court, aimed to consolidate operations and streamline the corporate structure of the fertilizer companies.
On September 20, the Board of Fauji Fertilizer Bin Qasim Limited approved the company’s merger with and into Fauji Fertilizer Company Limited.
