Islamabad August 9 2023: The Board of Fauji Fertilizer Bin Qasim Limited (FFBL) at its meeting held on August 09, 2024, has resolved to recommend, for the approval of shareholders, the sale of the land owned by the Company to Fauji Foundation.
The total land area is 166.387 acres situated at Moza Thatta Raika and Moza Thatta Bahuman, Pindi Bhattia.
The fair value of the land approximates to PKR 500 million as per the latest valuation was made by an independent valuer, registered with Pakistan Banking Association with experience in valuation of property in Pakistan, during 2022. Forced sale value of the land based on the valuation was PKR 375 million. The fair value was determined with reference to the then market conditions, recent transactions of similar properties and market research.
However, the board of directors have decided to sell the land to Fauji Foundation for the total price of PKR 856 million, which is the market price of the land at the movement. The land is surplus for the company’s requirments. Its sale will not affect the company’s operations.
