August 26, 2020 (MLN): The Board of Directors of Fatima Fertilizer Limited, in its meeting held electronically on Wednesday, has informed that the acquisition of production and operating Plants (Ammonia, Urea, Nitric Acid, Nitro-Phosphate, Calcium Ammonium Nitrate and Clean Development Mechanism) from associated company namely Pakarab Fertilizers Limited would be complete effective September 1, 2020.
With completion of the transactions, Fatima Fertilizers via its three plants in operations at Sadiqabad, Multan and Sheikhupura will start serving the nation and stakeholders with cumulative name plate capacity of 2.57 million MT/year.
Further, the Board has considered and accorded ‘in-principle’ approval to the proposal to demerge Fatima Fertilizer Company Limited and transfer its Sheikhupura plant related operations to Fatimafert Limited, an unlisted public limited company to be incorporated by the Company as a wholly owned subsidiary, to be implemented, effective October 1, 2020, by way of a Scheme of Arrangement.
The proposed de-merger would be subject to receipt of all requisite corporate and regulatory authorizations, consents and approvals.
