Lahore:Â Agritech Limited (AGL), a publicly listed company, has announced the issuance of Term Finance Certificates (TFCs) worth more than PKR 5 billion to its creditors as part of a court-sanctioned Scheme of Arrangement.
In a material disclosure filed with the Pakistan Stock Exchange (PSX) and the Securities & Exchange Commission of Pakistan (SECP) on Thursday, the company confirmed the issuance of 1,013,345 TFCs in book-entry form. The total face value of the instruments amounts to PKR 5,066,725,000 (Pak Rupees Five Billion Sixty-Six Million Seven Hundred Twenty-Five Thousand).
This move is in direct pursuance of the Scheme of Arrangement between Agritech and its various creditors, which was formally approved by the Lahore High Court on June 3, 2022. The company had previously informed the market about the sanctioning of the scheme in July 2022 and provided a further update following a Board of Directors’ meeting in February 2024.
The disclosure was formally communicated by Brig Tamour Daud Khan, SI (M), (Retd), the Company Secretary of Agritech Limited, in accordance with Section 96 of the Securities Act, 2015, and PSX Rule Book Clause 5.6.1.
The issuance of TFCs represents a significant step in the company’s efforts to restructure its debt and manage its liabilities through a formal arrangement with its creditors, providing a structured mechanism for settlement as mandated by the high court.
