KARACHI: The National Bank of Pakistan (NBP) Board of Directors has approved divesting the entire shareholding of NBP in Agritech Limited (AGL).
The NBP disclosed this development to the Pakistan Stock Exchange (PSX) on Thursday through a notice aligned with the requirements of the Securities Act 2015 and the PSX Regulations.
The bank’s divestiture includes 106,014,632 ordinary shares, alongside 61,748,756 listed, convertible, non-voting, redeemable, and cumulative preference shares.
Additionally, the bank will offload 248,639,910 non-convertible, redeemable, cumulative preference shares with limited voting rights.
“We confirm that the divestiture transaction will be carried out in accordance with the applicable law and remains subject to the execution of definitive agreements and the procurement of necessary regulatory approvals,” the NBP said in its notice.
The bank further said that subsequent developments in this divestiture transaction will be promptly disclosed to the public as and when required.
On September 11, Fauji Fertilizer (FFCL) approved the acquisition of shares and control in Agritech Limited and any associated company(ies).
FFC issued a Notice of Intent (NOI) to Agritech, the Pakistan Stock Exchange (PSX), and the Securities and Exchange Commission of Pakistan (SECP). It appointed Integrated Equities Limited as the manager of the offer and authorized the commencement of due diligence and the negotiation of acquisition terms.
In August, Fatima Fertilizer announced its intention to acquire various financial instruments of Agritech Limited, including ordinary shares, convertible and non-convertible preference shares, zero coupon term finance certificates, and zero coupon sukuks.
