Islamabad, Nov 12: Fauji Foundation Ends Bid to Acquire Controlling Stake in Agha Steel. Fauji Foundation has decided to retract its Public Announcement of Intention to acquire shares and control of Agha Steel Industries Limited, as stated by the manager of the offer, Integrated Equities Limited, to the PSX on Tuesday.
Discussions with the Sellers regarding the acquisition of voting shares in the Target have not reached a conclusion. “In light of this and on behalf of the Acquirer, we hereby issue a notice of retraction of the PAI in accordance with Regulation 21(1)(b) of the Regulations and the relevant provisions of the Act,” the notice continued.
Agha Steel primarily focuses on the manufacturing and sale of steel bars, wire rods, and billets. Fauji Foundation is Pakistan’s largest social organization with a strategically varied portfolio of companies across sectors such as Fertilizer, Cement, Food, Power Generation (both Thermal and Renewable), Oil & Gas Exploration, LPG marketing and distribution, Marine Terminals, Financial Services (including Banking and Financial Brokerage), and Employment Services.
