Fauji Foundation Announces Intention to Acquire Control of Agha Steel

Agha Steel Industries Limited (PSX: AGHA) Thursday announced that it has received an intention from Fauji Foundation to acquire control and shares of the company beyond the thresholds prescribed under Section 111 of the Securities Act, 2015.

This intention has been notified to the Board of Directors of the Target Company on August 29, 2024, the company said in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

Integrated Equities Limited (IEL) have been appointed as Manager to Offer (MTO) by Fauji Foundation, in accordance with the provisions of the Act and the Regulations.

In its public announcement of intention to acquire shares and control of Agha Steel, Fauji Foundation said that it is a growth driven ‘Social Hybrid Enterprise’ which earns to serve its beneficiaries. It is the largest social entity in Pakistan having a strategically diversified portfolio of companies in Fertilizer, Cement, Food, Power Generation (Thermal and Renewable), Oil & Gas Exploration, LPG marketing & distribution, Marine Terminals, Financial Services (Bank and Financial Brokerage), and Employment Services.

It further said that it strives to achieve growth both nationally and internationally by means of selective acquisitions and strategic partnerships. Fauji Foundation’s associated companies listed on PSX have shown robust performance year after year, highlighting shareholder confidence in their management capabilities, it added.

It further said that Fauji Foundation’s fully owned projects are generating great value and are poised for further growth and yield. It has been in the construction sector for over 25 years with the cement business and thus intends to explore vertical integration opportunity of steel, it added.

Agha Steel is principally engaged in manufacturing and sale of steel bars, wire rods and billets.