FFBL board approves acquisition of Noon Pakistan

KARACHI: The board of directors of Fauji Fertilizer Bin Qasim Limited (FFBL) has approved the planned acquisition majority shareholding and control of Noon Pakistan Limited, makers of Nurpur dairy products, an official said on Monday.
“Having obtained the Competition Commission of Pakistan’s no-objection, pre-merger clearance for the acquisition of 24.9 percent voting and 24.9 percent non-voting shares of Noon Pakistan Limited, the board approved the acquisition together with an option to acquire an additional 26.1 percent voting and 26.1 percent non-voting shares when the company forms an intention to acquire majority shareholding and control of Noon Pakistan Limited,” the official said. Noon Pakistan currently produces and sells dairy, processed dairy and fruit products under the brand name ‘Nurpur’. Its profitability came under pressure after 2012 because of high input cost, which was not passed on to the consumers due to intense competition in the dairy segment. Any potential acquisition of NOPK is expected to be brought under the Fauji Food Ltd, a newly-formed subsidiary of FFBL, the official added.