FFBL to convert FFL due markup to ordinary shares

By MG News | September 29, 2022 at 11:39 AM GMT+05:00

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September 29, 2022 (MLN): Fauji Fertilizer Bin Qasim Limited (FFBL) on Thursday announced its plan to convert accrued markup of Rs709 million due from Fauji Foods Limited (FFL) into ordinary shares, the company’s stock filings on the stock exchange showed.

FFBL in notice stated, “FFBL to exercise its option to convert accrued markup of Rs709mn, due from FFL, into ordinary shares of Rs10 per share of FFL”.

FFL in its notice released on September 20th announced that the company’s board has approved to issue of 70,874,980 shares at Rs10 per share to FFBL against the conversion of accrued markup on a subordinated loan amounting to Rs709mn.

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