KARACHI: Fauji Foods Ltd said on Tuesday it was interested in buying Fauji Foundation's stake in two food businesses, as it seeks to expand its product portfolio.
Fauji Foods, a unit of Fauji Fertilizer Bin Qasim Ltd, said in a stock exchange filing that it was exploring the acquisition of Fauji Foundation's equity stake in Fauji Infraavest Foods Ltd, which operates a fruit processing plant, and Fauji Foundation's cereal business, which sells breakfast cereals under the Fauji Cereals brand.
“We write to disclose our potential interest in: (i) acquisition of Fauji Foundation’s equity stake in Fauji Infraavest Foods Limited; and (ii) acquisition of Fauji Foundation’s cereal business operating under the name Fauji Cereals,” read the notice. The company did not disclose the financial terms or the size of the stake it was looking to acquire. It said the potential transactions were subject to all internal, regulatory and third-party approvals.
