Karachi: As directed by SECP in terms of Section 25 (d) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-overs) Ordinance, 2002 (the “Ordinance”). In the matter of Public Announcement of Offer to acquire shares of ‘Agritech Limited’ (“Agritech”) by Fauji Fertilizer Company Limited (“FFC”) published on August 19, 2010, all stakeholders are informed that finalization of the transaction has taken longer than expected for a number of reasons in complying with the legal and regulatory requirements.
The Company sought the approval of the Competition Commission of Pakistan (“CCOP”) to the completion of the proposed acquisition but as the final order of the CCOP was not feasible, the Company has initiated litigation and the matter is sub-judice awaiting decision of the Hon’ble Supreme Court of Pakistan as result of which negotiations with Agritech lending consortium for restricting of loans are pending. Besides, the ongoing gas curtailment on the Sui Northern Network has made it difficult for FFC to assess the completion of BMR undertaken by Agritech Limited.
FFC intends to proceed with the transaction as soon as the outstanding matters are resolved to the Satisfaction of all stakeholders.
For more information, contact:
S. Munawar Ali
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136