National Bank of Pakistan (NBP) has officially divested all its shares in Agritech Limited, as per a notice issued to the Pakistan Stock Exchange (PSX) on Tuesday. This move comes following the approval of a Scheme of Arrangement by the Lahore High Court.
The divestment includes 106 million ordinary shares, 61.7 million listed convertible non-voting redeemable cumulative preference shares, and 248.6 million non-convertible redeemable cumulative preference shares with limited voting rights. According to NBP, the deal was finalized after fulfilling all legal and regulatory requirements.
The PSX has also been instructed to inform TRE certificate holders about the completion of the divestiture. NBP’s board had previously approved the decision to sell its shares in Agritech Limited on October 9.
This divestment follows the interest shown by Fauji Fertilizer Company Limited (FFCL) in acquiring control of Agritech Limited. In September, FFCL announced its intent to purchase Agritech shares and associated companies, notifying the PSX and the Securities and Exchange Commission of Pakistan (SECP) via a Notice of Intent (NOI). The company appointed Integrated Equities Limited as the offer manager and initiated due diligence and negotiations.
Fatima Fertilizer had previously disclosed in August its plans to acquire Agritech’s ordinary shares, convertible and non-convertible preference shares, zero-coupon term finance certificates, and zero-coupon sukuks, among other financial instruments.
