FFC to issue 150.87mn shares to FFBL shareholders

December 24, 2024 (MLN): Fauji Fertilizer Company Limited (PSX: FFC) will allot and issue a total of 150.87 million ordinary shares to eligible shareholders of Fauji Fertilizer Bin Qasim Limited (FFBL), excluding the FFC or its nominees, as of the record date, 26 December 2024.

During the 230th meeting of the Board of Directors of FFC, held today at 156 The Mall, Rawalpindi, the board reviewed and approved FFC's Business Plan for 2025.

The aforementioned information was disseminated through a notification to Exchange in pursuance with the scheme of arrangement dated September 26, 2024 ("Scheme") between FFC and FFBL, as sanctioned by the Lahore High Court, Rawalpindi Bench.

This issuance will be based on a swap ratio of one ordinary share of FFC for every 4.29 ordinary shares of FFBL, subject to adjustments for fractional shares or entitlements, if any.

The details and entitlements of FFBL shareholders will be provided by FFBL to FFC on or after the Record Date, as outlined in the scheme.

No fractional shares will be allotted under the scheme.

All fractional entitlements resulting from the application of the swap ratio (i.e., fractions amounting to less than one ordinary share of FFC) shall be consolidated into whole shares of FFC.

These consolidated shares will be allotted in the name of the company secretary or any other person nominated by the FFC secretary in this regard.

These consolidated shares shall be held in trust, disposed of as deemed fit, and the proceeds (less expenses) will be donated to a registered charitable institution.

In the above regard and to fulfill all post-merger completion steps and procedures in terms of the scheme, the board has authorized the management of FFC to undertake, perform, and complete all required formalities and actions on behalf of the company.

These formalities and actions are necessary to ensure compliance with the requirements pursuant to the scheme.

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