Fauji Fertilizer submits EOI for acquiring majority shares in Foundation Wind Energy

MG News | October 28, 2020 at 12:12 PM GMT+05:00

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October 28, 2020 (MNL): The Board of Directors of Fauji Fertilizer Company, in its meeting held on October 28, 2020, has approved submission of an Expression of Interest (EOI) for the acquisition of majority shares, in FoundATION Wind Energy-l Limited and Foundation Wind Energy-ll Limited, collectively held by Fauji Fertilizer Bin Qasim Limited (FFBL) and Fauji Foundation.

The above-mentioned EOI will be followed by a detailed Due Diligence of the Targets and the acquisition, if determined feasible, will be subject to negotiation with existing majority shareholders, approvals of the Board, and Company Shareholders, procurement of requisite regulatory approvals and fulfilment of related customary conditions.

It is pertinent to mention that the Board of Directors of Fauji Fertilizer Bin Qasim Limited, in their meeting held yesterday, had taken an in-principle decision to enter into discussions with potential acquirers to explore the possibility of divesting FFBL’s shareholding in Foundation Wind Energy-l and Foundation Wind Energy-ll (public unlisted companies).

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