October 26, 2023 (MLN): The Board of Directors (BoD) of Fatima Fertilizer Limited (FATIMA) has approved the acquisition of up to 34.83 million shares of National Resources (Private) Limited (NRL) for an aggregate purchase price of up to Rs252.19m, the company’s filing on the local bourse revealed today.
The acquisition will take place from NRL’s associated company / related party, Reliance Commodities (Private) Limited.
NRL is an associated company of FATIMA which is involved in the business of exploration/mining of minerals.
In addition to approving the proposed acquisition, the Board also provided its approval for the further investment of an aggregate amount of up to Rs1 billion in NRL from time to time, by way of providing shareholder loans/advances to NRL and/or subscribing to shares of NRL.
The proposed acquisition and proposed investments shall be subject to obtaining necessary corporate and regulatory approvals, including the approval of the company members in accordance with Section 199 of the Companies Act, 2017.
To proceed further in the matter, the Board also authorized persons to take necessary steps with respect to the said transactions, including convening the general meeting, appointing necessary advisors, finalizing and executing documents and obtaining requisite approvals.
