April 16, 2021 (MLN): The Board of Directors of Fauji Fertilizer Bin Qasim Limited (FFBL) has authorized the company to generate, supply electric power (@60 Hz) to a third party and to enter into negotiations to finalize and enter into a lease deed to sublease a portion of surplus land, located in the eastern zone of Port Qasim.
According to a notice sent to PSX, this authorization is subject to obtaining requisite licenses, approvals and consents, as may be required for mutually beneficial arrangements.
The BoD also approved and authorized FFBL to execute and sign the non-binding Letter of Intent (LOI) received from Fauji Fertilizer Company Limited (FFC) in respect of the proposed acquisition of FFBL's shares in Foundation Wind Energy — I Limited and Foundation Wind Energy — II Limited (the Wind Companies).
The LOI is subject to execution of definitive agreements, completion of procedural formalities and the parties obtaining the requisite corporate, regulatory and lender approvals (as applicable).
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