Fauji Fertilizer Company Limited (FFC) has announced the approval of its Business Plan 2025 during its 230th Board of Directors’ meeting held on December 24, 2024, at the company’s headquarters in Rawalpindi. The meeting also addressed key actions related to the merger with Fauji Fertilizer Bin Qasim Limited (FFBL) under the Scheme of Arrangement sanctioned by the Lahore High Court, Rawalpindi Bench, on September 26, 2024.

As part of the merger, the Board approved the issuance of 150,870,449 ordinary shares of FFC to eligible shareholders of FFBL. The share swap will be executed at a ratio of 1 FFC share for every 4.29 FFBL shares, with fractional entitlements adjusted accordingly. The Record Date for determining eligible FFBL shareholders has been set as December 26, 2024.

To address fractional shares resulting from the swap ratio, the Board decided that no fractional shares will be issued. Instead, these fractional entitlements will be consolidated into whole shares, which will be held in trust by the Company Secretary or a nominee. The proceeds from the sale of these shares, after deducting expenses, will be donated to a registered charitable institution.

The Board also authorized the company’s management to complete all post-merger formalities and procedures in line with the approved Scheme of Arrangement.

This development marks a significant step in the merger process between FFC and FFBL, aimed at streamlining operations and enhancing shareholder value. The company has informed the Pakistan Stock Exchange (PSX), the Securities and Exchange Commission of Pakistan (SECP), and other relevant stakeholders about these decisions.