Fauji Fertilizer Bin Qasim Limited—FFBL has made the announcement that the firm has been approached by a potential acquirer. The acquirer wants to get into negotiations with the firm for acquiring the majority voting shares in the Fauji Meat Limited—FML.
This was indicated by the company in a notification that was issued to the Pakistan Stock Exchange.
As per the Foundation Securities’ report, FML owns the biggest and most technologically advanced slaughtering plant with the capacity to process 200 tonnes of meat in both the chilled and frozen categories.
For exports, the firm has built an ecosystem of more than 22 nations in a short span of 5 years. In recent times, it started to cater to the local market needs under the name of Zabeeha.
FFBL has got 83percent stake in FML while the remaining 17percent is with the Fauji Foundation.
Fauji Meat Limited has got assets worth Rs.8.2billion, of which Rs.6.6billion is plant and machinery while the value of the subsidiary in FFBL’s book is Rs.3.7billion. the sale price has not been finalized yet.