Fatima Fertilizer Company Limited (FFCL) has decided to acquire 100% ownership of Fatima Petroleum Company Limited (FPCL) — a company that is not listed on the stock exchange.
The acquisition will be done at face value, meaning FFCL will pay the original nominal value of the shares, not a market-driven or premium price, the fertiliser maker said in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“The Board of Directors of Fatima Fertilizer Company Limited has approved the acquisition of 100% shares of Fatima Petroleum Company Limited at face value. The acquisition aligns with the company’s strategic and diversification objectives,” FFCL said.
According to the notice, Fatima Petroleum Company Limited has entered into farm-out agreements with Orient Petroleum Inc (OPI) to acquire 25% working interest in the Marwat block located in KP; 24% working interest in the Harnai South block located in Balochistan; and 10.50% working interest in Ratana D&P Lease located in Punjab.
The agreements are subject to regulatory clearances, governmental approvals, and execution of deeds of assignment.
