The Board of Directors of Fauji Fertilizer Bin Qasim Limited (PSX: FFBL) has approved the sale of 166 acres of land in Pindi Bhattian to Fauji Foundation. The decision was made during a board meeting held today.

According to a report, in December 2023 the cost of the land was valued at Rs. 270 million, with a fair value expected at Rs. 500 million. The forced value of the land was reported to be Rs. 375 million.

Topline Securities, in a brief review, stated that this development will have a minimal impact on FFBL’s profitability. The company was previously earning Rs. 10.3 million in rental income from this property.

The principal objective of Fauji Fertilizer Bin Qasim Limited is the manufacturing, purchasing, and marketing of fertilizers.

As of the time of filing, FFBL’s stock was trading at Rs. 44.75 on the Pakistan Stock Exchange, down 2.06 percent or Rs. 0.94, with a turnover of 8.11 million shares on Friday.