Fauji Foundation wants to acquire Agha Steel Industries, PSX told

KARACHI: Fauji Foundation has shown its intention to acquire shares and control in Agha Steel Industries Limited.

This was revealed by Agha Steel in its statement to the Pakistan Stock Exchange (PSX) on Thursday.Per the statement, “The company has received a notice of public announcement of intention from the potential acquirer -- Fauji Foundation -- where the potential acquirer has expressed its intention to acquire shares and control in the company.”

Integrated Equities Limited, in its capacity as the Manager to Offer of Fauji Foundation, sent a letter to Agha Steel on August 29. The letter to the CEO and other officials read, “We, Integrated Equities Limited (IEL), have been appointed as the Manager to Offer (MTO) by Fauji Foundation (the ‘acquirer;), in accordance with the provisions of the Act and the Regulation. On behalf of the acquirer, we are pleased to submit a public announcement of intention (PI) to acquire shares and control in Agha Steel Industries Limited.”