Fatima Fertilizer Company Limited has 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.
The company disclosed this development in a notice sent to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to announce that Fatima Fertilizer Company Limited has decided to attempt to acquire ordinary shares, convertible preference shares, non-convertible preference shares and other instruments (including zero coupon term finance certificates and zero coupon sukuks) and debt of Agritech Limited, provided that the Company shall at present remain within the limits placed by section 111 of the Securities Act 2015,” read the notice.
However, the company indicated that its board of directors may later consider passing a separate resolution to authorize the acquisition of a majority voting stake in Agritech Limited, potentially extending beyond the current legal limits.
This move signals Fatima Fertilizer’s strategic interest in expanding its investment portfolio and potentially gaining greater control over Agritech Limited. The company has asked the PSX to inform the TRE Certificate Holders of this material information.
Agritech Limited was incorporated on December 15, 1959 as an unlisted Public Limited Company under the repealed Companies Act, 1913 (now the Companies Act, 2017). Its principal business is the production and sale of Urea and Granulated Single Super Phosphate fertilizer.
Fatima Fertilizer was incorporated on December 24, 2003 as a public company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017). Its principal activity is manufacturing, producing, buying, selling, importing and exporting fertilizers and chemicals.
Earlier, on July 25, Maple Leaf Cement Factory Limited (MLCF) intended to acquire shares and control of Agritech Limited. Next Capital Limited as the manager of the offer made this Public Announcement of Intention (PAI) on behalf of MLCF.
