Islamabad July 24 2023: Fauji Fertilizer Bin Qasim Limited (FFB) has received a binding, conditional offer from Fauji Foundation to purchase one hundred percent (100%) of the shares owned by the Company in its subsidiary Fauji Meat Limited.
Share price of the company move up 29 paisa or 2.15 percent at Pakistan Stock Exchange.
Fauji Foundation offer constitutes ninety-five point zero seven percent (95.07%) of the shares in the Fauji Meat Limited for a consideration of PKR 4.3 Billion.
The Proposed Transaction has been recommended by the Board of Directors of the Company for approval of the majority shareholders of the Company (in EOGM) and thereafter the execution of the respective share.
FML, built with the aim and capacity to provide 100 percent certified halal meat, was incorporated in 2013 as a subsidiary of the Company. FFBL holds 95.07 percent shares of FML.
The principal activity of FML is processing of Halal Edible Meat from its plant with designed annual production capacity of 30,000 Metric Tons. FML is engaged in processing and sales of Halal meat from its plant for its local and export segment. FML also executed commercial slaughtering services for third parties, to absorb fixed costs and enhance capacity utilization and as additional income stream for the organization.
