Fauji Foundation withdraws plan to acquire Agha Steel Industries

The Fauji Foundation has withdrawn its public announcement of intention to acquire shares and control of Agha Steel Industries Limited due to inconclusive negotiations, according to the statement of Integrated Equities Limited sent to Pakistan Stock Exchange (PSX) on Tuesday.

As a result of this development, the share price of AGHA dropped significantly on Thursday, falling by 9.98% to PKR 11.10.

Earlier in August, the Fauji Foundation had shown interest in acquiring shares and a controlling stake in Agha Steel Industries Limited.

In 2020, AGHA had raised PKR 3.84 billion through an Initial Public Offering (IPO) of 120 million shares at a price of PKR 32 per share.

In a separate development, the Saudi National Bank (SNB), the majority shareholder of Samba Pakistan, has terminated the process for the sale of its equity stake in Samba Pakistan.