NBP to divest entire shareholding in Agritech Limited

KARACHI: The National Bank of Pakistan has decided to divest its entire shareholding in Agritech Limited. In a statement to the Pakistan Stock Exchange (PSX) on Thursday, the bank said, “We are writing to convey and disclose that the board of directors of the National Bank of Pakistan (NBP) has approved the divestment of the entirety of NBP’s shareholding in Agritech Limited.”

According to details, there are 106,014,632 ordinary shares, 61,748,756 listed, convertible, non-voting, redeemable and cumulative preference shares and 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,” read the statement.

Last month, the board of directors of Fauji Fertilizer Company Limited had approved the acquisition of shares and control in Agritech Limited (AGL).FCCL in a statement to the Pakistan Stock Exchange (PSX) informed that its board has approved the acquisition of shares and control in AGL along with any associated company(ies), any other shareholder(s) of the target or any other person/entity, led by the company.