FFBL completes sale and transfer of its entire shareholding in FWEL-I and FWEL-II to FFC

September 30, 2021 (MLN): Fauji Fertilizer Bin Qasim Limited (FFBL) has successfully completed the sale and transfer of its 122.587mn shares in Foundation Wind Energy-I Limited ("FWEL-I"), constituting 35% of the entire issued and paid-up share capital of FWEL-I to Fauji Fertilizer Company Limited (FFC).

In addition, FFBL also completed the sale and transfer of 123.469mn shares in Foundation Wind Energy-II Limited ("FWEL-II"), constituting 35% of the entire issued and paid-up share capital of FWEL – II, to FFC.

The aforesaid information was disseminated by the company via notification to Exchange.

To note, in June’21, the Board of Directors of FFBL had authorized the company to sell and transfer the company’s entire shareholding in Foundation Wind Energy-I Limited (FWEL-I), and Foundation Wind Energy – Il Limited (FWEL-II) to Fauji Fertilizer Company Limited (FFC).

FCC, in its notice to Exchange, said that the acquisition is in strategic alignment with the company's objective affirming the company's commitment to contributing to Pakistan's energy sector. The company has now direct interest in power projects with a combined generation capacity of around 480MW.

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