National Bank of Pakistan Sells Agritech Shares to Fauji Fertilizer

Karachi: In a notable transaction on the stock market, the National Bank of Pakistan (NBP) has sold its entire stake in Agritech Limited to Fauji Fertilizer Company Limited (FFC). This significant deal involves the transfer of shares worth millions, marking a pivotal shift in ownership that could influence the dynamics within the fertilizer sector.

On October 11, 2024, National Bank of Pakistan initiated the disposal of its shares in Agritech Limited, which Fauji Fertilizer Company Limited has agreed to purchase. The transaction, which was completed on October 15, 2024, includes the sale of 106.01 million ordinary shares, 61.75 million listed convertible, non-voting, redeemable and cumulative preference shares, and 248.64 million non-convertible, redeemable, cumulative preference shares with limited voting rights.

According to information available from the Pakistan Stock Exchange (PSX), the arrangement for this sale was made in compliance with a scheme approved by the Lahore High Court on June 3, 2022. This strategic sale is part of a broader agenda to optimize investment portfolios and enhance shareholder value.

Brig Zulfiqar Ali Haider (Retd), Company Secretary for FFC, stated in a communication to PSX that following the closure of this transaction, FFC will make necessary disclosures to the Securities and Exchange Commission of Pakistan as well as to PSX, as required by the Securities Act of 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

This transfer of shares not only reflects significant financial activity but also hints at strategic positioning within the fertilizer industry, where both NBP and FFC are key players. The deal’s completion is expected to have various implications for market dynamics, especially concerning Agritech Limited’s operational and strategic future.

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