FFBL defers repayment of Rs850m on the debt due from FFL

MG News | November 22, 2021 at 03:55 PM GMT+05:00

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November 22, 2021 (MLN): Fauji Fertilizer bin Qasim Ltd (FFBL) on Monday announced that it has deferred repayment of Rs850 million mark-up payment on the Rs5.92 billion subordinated debt due from Fauji Foods Ltd (FFL), a company filing on the PSX showed.

The extension has been provided until the date on which the principal amount of debt is utilized to subscribe to 527,015,064 shares of FFL for the total price of Rs5,270.15bn as part of the Company's entitlement to FFL's rights issue, in proportion to the company's existing shareholding in FFL and Fauji Foundation's ("FF") renounced portion of FFL's rights issue, i.e., 65,484,936 shares for a total price of Rs654.85bn.

However, the Company shall at all times have the right to convert such mark-up into fully paid-up ordinary shares of FFL at a price to be determined by the board at the time the company decides to exercise its right to convert and the Company is further authorised to make all such amendments to the subordinated shareholder loan agreements entered between the Company and FFL as are necessary to give effect to this resolution.

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