Maple Leaf Cement Factory Limited (PSX: MLCF) has submitted a Public Announcement of Offer through a Competitive Bid (PAO-CB) to acquire 160,762,209 ordinary shares, representing 37.86% of the issued and paid-up ordinary share capital, and gain control of Agritech Limited.

According to a notice issued to the Pakistan Stock Exchange (PSX), MLCF’s offer is priced at Rs. 39.00 per share. This move is part of a competitive bid under the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The PAO-CB by MLCF is a response to a previous public offer made by Fauji Fertilizer Company Limited (FFC) on October 25, 2024. FFC’s offer seeks to acquire up to 151,052,013 ordinary shares at a price of PKR 38.84 per share. MLCF’s bid not only offers a higher price per share but also targets a larger number of shares, in accordance with section 120 of the Act.