Maple Leaf Cement Factory Ltd (MLCF) updated the Pakistan Stock Exchange (PSX) on 7 November about the hostile takeover of a fertiliser plant in Pakistan.
A piece of material information from the company adds, “We would like to inform that Next Capital Limited (Manager to the Offer) has submitted a Public Announcement of Offer (PAO-CB) on behalf of Maple Leaf Cement Factory on 6 November 2024 to acquire 37.86 per cent shares (ie 160,762,209 shares) of Agritech Ltd by Maple Leaf Cement Factory Ltd under the Securities Act,2015 and the Listed Companies (Substantial Acquisition of Voting Shares & Takeovers)Regulations, 2017.
It is pertinent to mention that the attached PAO-CB constitutes a competitive bid by MLCF with the public announcement of the offer published locally by Fauji Fertilizer Co Ltd (FFC) on 25 October 2024. FFC’s public offer aims to acquire up to 151,052,013 ordinary shares at PKR38.84 per share (US$0.139/share). This PAO-CB by MLCF is being made at a higher price and for more shares in compliance with section 120 of the Act.
A sister concern, Maple Leaf Capital Ltd (MLC), currently owns 64,450,700 ordinary shares, constituting 15.18 per cent of AGL’s issued and paid-up ordinary share capital. These shares have a face value of PKR10 each.
Maple Leaf Cement Factory Ltd is part of the Kohinoor Maple Leaf Group, a reputable manufacturer of textiles and cement in Pakistan. MLCF is Pakistan’s largest single cement production site. Currently, the company operates four production lines for grey cement and one for white cement. The total installed capacity for clinker production is 7.8Mta.
By Abdul Rab Siddiqi, Pakistan
