Lahore December 5 2024: Lahore High Court, has approved Scheme of Arrangement for amalgamation of Fauji Fertilizer Bin Qasim with and into Fauji Fertilizer Company, according to company filing to the exchange.
“We are pleased to announce that vide Judgment issued on December 4, 2024, passed in Civil Original No. 04 of 2024, the Honourable Lahore High Court, Rawalpindi Bench has allowed the said petition and, inter alia, sanctioned the Scheme of Arrangement dated September 26, 2024 for the merger, by way of amalgamation, of Fauji Fertilizer Bin Qasim Limited (“FFBL”) with and into Fauji Fertilizer Company Limited (“FFCL”) (along with ancillary matters thereto)” states the notification.
In accordance with the Scheme of Arrangement, and in consideration of the arrangement thereunder, FFCL shall allot and issue an aggregate of 150,870,449 ordinary shares to the FFBL Shareholders (i.e. being the shareholders of FFBL other than FFCL including its nominees, if any), credited / issued as fully paid up, at par, on the basis of a swap ratio of 1 (one) FFCL Share for every 4.29 ordinary shares of FFBL, of the face value of PKR 10/-, held by each FFBL Shareholder as on the record date (subject to adjustment of fractional shares).
The record date, to determine the identities and entitlements of the FFBL Shareholders will be fixed by the directors of FFBL in due course, subsequent to which details will be provided to FFCL, in each case, in accordance with the provisions of the Scheme. We will keep the shareholders informed of all significant developments as the matter progresses further.
