Fauji Fertilizer Company Limited (FFC) has acquired an additional 106,614,632 voting shares of Agritech Limited at the rate of Rs. 37.42 per share amounting to a total of Rs3.98 billion.
FFC shared this development with the Pakistan Stock Exchange (PSX) through a notice on Wednesday.
This acquisition, finalised on October 15, 2024, boosts FFC’s total holdings in Agritech to 117,934,632 shares, which now represents 27.77% of Agritech’s issued voting shares.
“It is notified under Section 110 of the Securities Act, 2015 that Fauji Fertilizer Company Limited (FFC), has acquired on 15 October 2024, 106,614,632 voting shares of Agritech Limited at the rate of Rs. 37.42 per share. On account of this acquisition our total shareholding in Agritech Limited is 117,934,632 shares which represents 27.77% of the total issued voting shares of Agritech Limited, as the FFC’s previous holding in the company was 11,920,000 shares (2.81%),” read FFC’s notice.
On Tuesday, the National Bank of Pakistan (NBP) announced that it had divested its entire shareholding in Agritech Limited. NBP informed the PSX that the divestiture includes 106,014,632 ordinary shares, 61,748,756 listed convertible non-voting redeemable cumulative preference shares, and 248,639,905 non-convertible redeemable cumulative preference shares with limited voting rights.
On the same day, FFC informed the PSX that it had entered into a Sale and Purchase Agreement with NBP to purchase its stakes in Agritech Limited.
Previously holding a 2.81% stake with 11,920,000 shares, FFC’s latest purchase solidifies its influence within Agritech Limited, aligning with its strategic objectives to enhance its presence in the agricultural sector.
FFC, a major player in the fertilizer industry since its establishment in 1978, continues to expand its portfolio in the agriculture sector.
