• Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Thursday, May 8, 2025
Daily The Business
  • Login
No Result
View All Result
DTB
No Result
View All Result
DTB

Fauji Foundation withdraws acquisition bid for Agha Steel Industries

November 12, 2024
in Business & Finance
Fauji Foundation withdraws acquisition bid for Agha Steel Industries
Share on FacebookShare on TwitterWhatsapp

Fauji Foundation, one of the largest conglomerates in Pakistan, has withdrawn its public announcement of intention (PAI) to acquire shares and control of Agha Steel Industries Limited citing ‘inconclusive’ negotiations.

The development was shared by AGHA, engaged in the manufacturing of steel bars and billets, in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“This is with reference to the PAI published on 31 August 2024 in the daily newspapers, the media and the Nawa-e-Waqt to acquire shares and control of Agha Steel Industries Limited by Fauji Foundation.

“However, the negotiations with the sellers to acquire voting shares in the target have been inconclusive,” read a letter from Integrated Equities Limited (IEL), which was appointed as the Manager to Offer of Fauji Foundation.

“In view of the above and on behalf of the acquirer, we hereby give notice of withdrawal of the PAI pursuant to Regulation 21(1)(b) of the regulations read with relevant provisions of the Act,” it added.

Following the development, the share price of AGHA dropped on Thursday, declining by 9.98% or Rs1.23 to settle at Rs11.10.

It is pertinent to mention that Fauji Foundation is a ‘Social Hybrid Enterprise’ and is among 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.

Back in 2020, AGHA raised Rs3.84 billion in funding through an Initial Public Offer (IPO) of 120 million shares at a share price of Rs32.

Tags: AghaAgha Steelcompanies listed on PSXFauji FoundationPAIpsx companiesPSX noticePSX noticespublic announcement of intention
Share15Tweet10Send
Previous Post

KSE-100 slumps as investors ‘resort to profit-taking’

Next Post

Palm falls weighed by rival vegetable oils

Related Posts

Indian rupee’s rally to stall by end of July, weaker times ahead
Business & Finance

Indian rupee’s rally to stall by end of July, weaker times ahead

May 7, 2025
KIBOR falls after SBP cut policy rate
Business & Finance

KIBOR falls after SBP cut policy rate

May 7, 2025
India’s Bank of Baroda expects margin pressure to persist for two more quarters
Business & Finance

India’s Bank of Baroda expects margin pressure to persist for two more quarters

May 6, 2025
SBP revises O/N repo, reverse repo rates
Business & Finance

SBP revises O/N repo, reverse repo rates

May 6, 2025
ADB to scale up food security support to $40bn by 2030
Business & Finance

ADB to scale up food security support to $40bn by 2030

May 4, 2025
Saudi chemicals group SABIC reports Q1 net loss of $323 million
Business & Finance

Saudi chemicals group SABIC reports Q1 net loss of $323 million

May 5, 2025

Popular Post

  • FRSHAR Mail

    FRSHAR Mail set to redefine secure communication, data privacy

    126 shares
    Share 50 Tweet 32
  • How to avoid buyer’s remorse when raising venture capital

    33 shares
    Share 337 Tweet 211
  • Microsoft to pay off cloud industry group to end EU antitrust complaint

    45 shares
    Share 18 Tweet 11
  • Saudi Arabia Launches World’s First Self-Driving Flying Taxi to Transport Hajj Pilgrims

    42 shares
    Share 17 Tweet 11
  • SingTel annual profit more than halves on $2.3bn impairment charge

    42 shares
    Share 17 Tweet 11
American Dollar Exchange Rate
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy
Write us: info@dailythebusiness.com

© 2021 Daily The Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Need Help? Chat with us
Start a Conversation
Hi! Click one of our member below to chat on WhatsApp
The team typically replies in a few minutes.
DTB
No Result
View All Result
  • Advertise
  • Contact Us
  • Daily The Business
  • Privacy Policy

© 2021 Daily The Business

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.