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RAWALPINDI, Dec 08 (APP): Shareholders of Fauji Fertilizer Company Limited (FFC) on Monday approved the acquisition of the remaining 25 per cent shareholding in FFBL Power Company Limited (FPCL) and amendments to the Articles of Association at the company’s Extraordinary General Meeting (EOGM).
The meeting was held with a quorum of 57.38 per cent, with participation in person, via video link and through proxies. It was attended by major shareholders, including the Government of Pakistan, Fauji Foundation, State Life Insurance, Citi Bank, Deutsche Bank, Pakistan Industrial Development Corporation (PIDC), NAFA, UBL Funds and other corporate and institutional investors.
Company Secretary Brigadier (Retired) Khurram Shahzada presented the special business before the shareholders.
During the proceedings, shareholders were briefed on the company’s plan to acquire the remaining 25 per cent shareholding in FPCL through a non-cash share swap of 214.7 million FPCL shares for 15.9 million new FFC shares, which would make FPCL a wholly owned subsidiary.
The meeting was also informed about the company’s proposed additional investment in Agritech Limited as part of its growth and diversification strategy, as well as proposed amendments to the Articles of Association to strengthen governance and regulatory compliance.
All special resolutions were unanimously approved through balloting. Chairman Saad Amanullah, along with members of the Board of Directors, addressed shareholder queries and reaffirmed the company’s commitment to maintaining high standards of performance and delivering sustainable returns despite prevailing economic and operational challenges.