Islamabad November 12 2024: Fauji Foundation negotiations with the Agha Steel Industries for acquisition of shares and control remain inconclusive.
Share price of Agha Steel Industries fell 90 paisas or 7.3 percent after the announcement at Pakistan Stock Exchange.
“This is with reference to the Public Announcement of Intention (PAI) published on 31 August 2024 in the daily Newspapers, The Business Recorder and The Nawa-e-Waqt to acquire shares and control of Agha Steel Industries Limited (the Target) by Fauji Foundation (the Acquirer). However, the negotiations with the Sellers to acquire voting shares in the Target have been inconclusive” states Manager to the offer in its filing to the exchange.
In view of the above and on behalf of the Acquirer, the manager to the offer hereby gives notice of withdrawal of the PAI pursuant to Regulation.
