Fauji Foundation has officially withdrawn its Public Announcement of Intention (PAI) to acquire shares and control of Agha Steel Industries Limited. This decision was communicated to the Pakistan Stock Exchange (PSX) on Tuesday by Integrated Equities Limited, the manager of the offer.

The withdrawal follows inconclusive negotiations with the sellers regarding the acquisition of voting shares in Agha Steel. “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 stated.

Agha Steel Industries is primarily involved in the manufacturing and sale of steel bars, wire rods, and billets, playing a significant role in the steel industry.

Fauji Foundation, known as the largest social enterprise in Pakistan, boasts a strategically diversified portfolio across various sectors, including Fertilizer, Cement, Food, Power Generation (both Thermal and Renewable), Oil & Gas Exploration, LPG marketing and distribution, Marine Terminals, Financial Services, and Employment Services.