Fauji Foundation withdraws bid to acquire Agha Steel

MG News | November 12, 2024 at 04:32 PM GMT+05:00

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November 12, 2024 (MLN): Fauji Foundation has withdrawn its Public Announcement of Intention (PAI) to acquire shares and control of Agha Steel Industries Limited (PSX: AGHA).

The withdrawal notice was issued by Integrated Equities Limited (IES), the Manager of the Offer, to the PSX today.

The reason cited by the brokerage firm was that negotiations with AGHA to acquire voting shares were inconclusive, leading to the withdrawal of the offer.

For reference, Fauji Foundation had initially submitted its offer to acquire shares and control of AGHA on August 29, 2024.

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