Karachi December 31 2024: Fauji Fertilizer Bin Qasim Limited, the only DAP manufacturer in Pakistan, is delisted from Pakistan Stock Exchange as a result of merger with its parent company.
The stock has posted return of 178.81 percent over the period of last one year.
“Pakistan Stock Exchange informed to all concerned that as a result of merger / amalgamation of Fauji Fertilizer Bin Qasim Limited (FFBL) with and into Fauji Fertilizer Company Limited (FFC) and on fulfillment of relevant requirements, FFBL shall stand delisted from the Exchange with effect from today i.e. Tuesday, December 31, 2024” the notice states.
The Board of Directors of Fauji Fertilizer Company Limited has approved allotment and issue an aggregate of 150,870,449 ordinary shares of the Company (FFC Shares) to the eligible shareholders of Fauji Fertilizer Bin Qasim Limited (FFBL), existing as of the Record Date (being 26 December 2024), on the basis of a swap ratio of 01 (one) ordinary share of FFC for every 4.29 ordinary shares of FFBL (subject to the adjustment of fractional shares / entitlements, if any), in accordance with the Scheme of Arrangement between FFC and FFBL (Scheme), which has been duly sanctioned by the Honorable Lahore High Court, Rawalpindi Bench.
It is hereby informed that in accordance with the provisions of the Scheme, and the decision of the Board of Directors of the Company, upon completion of the requisite formalities, as per their respective entitlements, FFC Shares (i) in book entry form have been credited to the respective accounts of the shareholders of FFBL, in the Central Depository System (CDS) of the Central Depository Company Limited (CDC); or (ii) physical shares are being dispatched separately to the respective shareholders of FFBL (as may be applicable).
As a consequence of the issuance of the FFC Shares, the issued and paid up share capital of the Company stands increased from PKR 12,722,382,470/- to PKR 14,231,086,960/-, comprising 1,423,108,696 ordinary shares of PKR 10/- each.
FFC informs that as a consequence of the Scheme, and in accordance with the terms thereof, post allotment and issuance of the FFC Shares, FFBL stands dissolved without winding up, and automatically de-listed from the Pakistan Stock Exchange Limited.
