Tech Desk 
Nov 14, 2024
In a formal notice issued to the Pakistan Stock Exchange (PSX) on Tuesday, Fauji Foundation has withdrawn its public announcement of acquiring shares and control of Agha Steel Industries Limited.
“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,” the notice added.
The government-owned conglomerate cited indecisive negotiations with the seller to secure target shares, prompting it to reverse its plans of buying Agha Steels.
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The standstill in Agha Steel's sellout means the steel manufacturer is actively producing and selling steel bars, wire rods and billets.
The Fauji Foundation is one of the largest conglomerates in Pakistan, whose diversified portfolio includes but is not limited to the production and provision of fertilisers, cement, food, electricity (thermal and renewable), oil & gas, LPG marketing & distribution, marine terminals, financial services, and employment services.
