KARACHI: The board of directors of Fauji Fertilizer Company Limited has approved the acquisition of shares and control in Agritech Limited (AGL).
In a statement to the Pakistan Stock Exchange (PSX) on Tuesday, FCCL informed that its board has approved the acquisition of shares and control in AGL along with any associated company(ies), any other shareholder(s) of the Target or any other person/entity, led by the company. “Subject to completion of necessary corporate and regulatory formalities where required, the board authorized the issuance of a notice of intention to AGL, the PSX and the SECP.”
It further said that the board has selected Integrated Equities Limited to act as the Manager to the Offer (MTO), besides approving the start of the due diligence process and negotiation for the terms of the acquisition.