Lahore September 20 2022: The Board of Directors of Fauji Foods Limited held its adjourned meeting from September 12, 2022 and recommended to issue shares by way of other than right offer, subject to the approval of the shareholders of the Company, for which the Extraordinary General Meeting of the shareholders of the Company will be held on October 18, 2022.
The company is planning to issue 1.17 Billion shares for consideration of PKR 11.7 billion out of which PKR 9 billion is in the form of fresh cash.
Company will issue 400,000,000 shares at par PKR 10/- share amounting to PKR 4,000,000,000 to FFBL Power Company Limited (FPCL) against cash.
Another 465,000,000 shares will be issued at par PKR 10/- share amounting to PKR 4,650,000,000 to FFC
Energy Limited (FFCEL) against cash.
FFL will issue issue 235,000,000 shares at par PKR 10/- share amounting to PKR 2,350,000,000 to Fauji
Foundation (FF) out of which PKR 350,000,000 is against cash and PKR 2,000,000,000 is against conversion of subordinated loan to equity.
Company will issue another 70,874,980 shares at par PKR 10/- share, to Fauji Fertilizer Bin Qasim Limited against conversion of accrued markup on subordinated loan amounting to PKR 708,749,800 to equity.
“Further exciting launches are in the pipeline. Consumer testing of company innovation funnel (products, concepts) is showing promising opportunities for the Company moving forward.” Says Chief Executive Officer Usman Zaheer Ahmad
However, company has not disclosed any details about the launch of the products and timing of product launch.
Nurpur Cream is the brand-new entrant in the market. Its growth pattern has suggested that company’s consumers look towards Nurpur for quality and nourishment. Keeping the consumer convenience at the forefront of company’s thought, the all-time favorite Nurpur Butter was launched in a butter tub. In addition, keeping the consumption trends in mind, a variant of Unsalted Butter was introduced, which now acts as a staple for every household.
Nurpur Cheese came in to the picture with a revamped packaging and improved quality further fortifying our position in the consumer’s mind of being the ‘dairy expert’.
