Business Desk 
Nov 18, 2024
Fauji Fertilizer Company Ltd. (FFC) has hiked up its price following a competing purchase offer for Agritech Limited's (AGL) share acquisition received by the management of Maple Leaf Cement Factory Ltd. (MLCF).
The incumbent FFC now offers Rs39.05 compared to its earlier Rs38.84 per share. The new total deal value, as notified through a notice in the Pakistan Stock Exchange (PSX), has been increased from Rs5,867 million to Rs5,899 million.
Agritech Limited is the largest fertiliser company in Pakistan, specialising in the production and sale of Urea and Granulated Single Super Phosphate fertilisers.
The products are significant in creating agricultural productivity and counterbalancing the country's increasing demand from farming producers.
Read more: Fauji Foundation no longer eyeing Agha Steel acquisition
One such step is a strong competition between FFC and MLCF for the majority of Agritech to enhance their relative strengths in the agro sector.
The new offer from FFC appears to outbid the one MLCF had made and further tighten its grip on the fertiliser market.
The fertiliser industry has a crucial role to play in supporting the backbone of the economy and agriculture in Pakistan. For this purpose, FFC will be trying to expand its product portfolio and strengthen its foothold in the market.
