Fatima Fertilizer Sets Sights on Agritech Limited’s Financial Instruments

Karachi: Fatima Fertilizer Company Limited has announced plans to pursue the acquisition of various financial instruments from Agritech Limited, including ordinary shares, preference shares, and debt instruments.

On August 23, 2024, Fatima Fertilizer revealed its intentions to attempt the acquisition of ordinary shares, convertible preference shares, non-convertible preference shares, and other instruments such as zero coupon term finance certificates and zero coupon sukuks from Agritech Limited. This move is compliant with the regulations under Sections 96 and 131 of the Securities Act, 2015, as well as Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition strategy adheres to the legal framework, ensuring that Fatima Fertilizer remains within the boundaries set by Section 111 of the Securities Act 2015. However, there is potential for further expansion, as the board may consider a separate resolution to authorize acquiring a majority of voting shares, which would exceed the current limits.

This strategic decision is communicated to the TRE Certificate Holders of the Exchange to maintain transparency and adherence to regulatory requirements.

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