Lahore December 15 2022: Honorable High Court has granted an approval for transfer of Fatima Sheikhupura Plant to Fatima Fertilizer on agreed terms, according to company filing to the exchange.
A joint petition/application was instituted by the Applicant Companies namely M/s Fatima Fertilizer Company Limited ("Fatima") and its wholly-owned subsidiary M/s Fatimafert Limited before the honourable Lahore High Court, Lahore seeking therein, the sanction of the Scheme of Compromises, Arrangements and Reconstruction ("Scheme") inter se the stated companies, whereby Fatima will transfer its Sheikhupura plant related operations to Fatimafert, as per the terms and conditions provided in the Scheme.
This is to communicate that the honorable High Court exercising company jurisdiction under the Companies Act, 2017 on 01.12.2022, in open court has announced the sanction/approval of the Scheme inter se Fatima and Fatimafert with effect from January 1, 2022. A certified copy of the order of the honorable High Court has been applied for and is ·still awaited.
Fatima Urea manufacturing facility is situated in the Punjab province, near the historic city of Sheikhupura, about 28 Km from Lahore. Furthermore, it is located in the heart of the Basmati Rice growing belt of Pakistan. It is an area of high agricultural significance, surrounded by farms growing everything from grains to other high value crops. The Fatima Urea Plant is the biggest industrial concern in terms of capital investment within the Lahore division.
The complex constructed by M/s Fluor Corporation, USA and was commissioned on 13th November 1971. It was the third and the largest urea plant in the country at that time. Since then the manufacturing facilities have been frequently upgraded to meet increased demand. A major Balancing Modernization & Replacement (BMR) program was conducted in 1989-91 in order to enhance production, improve energy conservation and add environment friendly features to the plant.
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