Maple Leaf Cement Factory Limited (MLCFL) has successfully converted its preference shares into 55,571,094 ordinary shares of Agritech Limited (AGL), as part of a significant move to bolster its stake in the company.
“The Agritech Limited (AGL) has issued 55,571,094 ordinary shares of Rs. 10/- each to Maple Leaf Cement Factory Limited (the “Company”) against conversion of Preference Shares held by the Company in AGL,” read a notice sent to the Pakistan Stock Exchange (PSX) on Friday.
After this conversion, Maple Leaf holds 201,663,428 ordinary shares, representing 33.66% of the total paid-up share capital of AGL.
On January 8, 2025, MLCFL successfully fulfilled its obligations under the Public Offer for acquiring a total of 1,484,912 out of 160,762,209 ordinary shares of Agritech Limited. Next Capital was the Manager of the Offer for this transaction.
On January 24, the Agritech board approved the transfer of over 9.3 million shares to Fauji Fertilizer and Maple Leaf Cement Factory.
Agritech approved the acquisition of 7,847,930 ordinary shares by Fauji Fertilizer at PKR 39.05 per share, totaling approximately PKR 306 million, while 1,484,912 shares were transferred to Maple Leaf Cement at PKR 39 per share, valued at over PKR 57 million.
The conversion of preference shares into ordinary stock is part of Maple Leaf Cement’s strategy to solidify its position in AGL, which operates in a crucial sector. The increase in Maple Leaf’s holding is expected to enhance its influence in AGL’s operations and strategic decisions moving forward.
