Bank Alfalah Limited Converts Preference Shares into Ordinary Shares in Agritech Limited

Karachi, Agritech Limited has announced a significant financial development involving Bank Alfalah Limited (BAFL), regarding the conversion of preference shares into ordinary shares. The announcement, made in compliance with the Securities Act, 2015, and the Pakistan Stock Exchange (PSX) Regulation, marks a notable transaction in the company’s shareholding structure.

Agritech Limited disclosed that it had issued 159,334.269 preference shares in 2012 under a Share Subscription Agreement dated February 13, 2012. These shares were allocated to selected investors, including Bank Alfalah Limited. On February 24, 2024, Agritech received a notice from Bank Alfalah Limited for the conversion of its entire holding of 10,883,486 preference shares into ordinary shares under the same agreement.

This conversion of shares from preference to ordinary status by Bank Alfalah Limited signifies a shift in the bank’s stake in Agritech Limited, potentially affecting the company’s governance and future financial strategies. The details of this transaction have been communicated to TRE Certificate Holders to ensure compliance with market regulations and transparency for investors.