FFBL proposes land sale to Fauji Foundation

By MG News | August 09, 2024 at 02:51 PM GMT+05:00

0:00

August 09, 2024 (MLN): The Board of Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has resolved to recommend, for the approval of shareholders, the sale of the land owned by the company measuring 166.387 acres, located at Pindi Bhattian, to Fauji Foundation.

This decision was made by the board during its meeting held on August 9, 2024.

Two days earlier, FFBL informed market participants that it had called for an emergency board meeting to consider matters unrelated to financial results.

In a recent development, the board of directors of Fauji Fertilizer Company Limited (PSX: FFC) granted an in-principle approval to evaluate the potential amalgamation of FFBL with and into FFC by way of a scheme of arrangement.

According to Mettis Global calculations of the swap ratio based on the book values of the two entities, FFBL shareholders may get 0.32 shares of Fauji Fertilizer Company Limited (PSX: FFC) for every 1 share held in FFBL.

However, the actual exchange ratio will be determined by the valuation conducted by the appointed advisory firm.

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