Fauji Foods Ltd Wants to Acquire Stakes in Fauji Infraavest Foods, Fauji Cereals

Fauji Foods Limited (PSX: FFL) wants to acquire Fauji Foundation’s equity stake in Fauji Infraavest Foods Limited and Fauji Cereals, the company informed the Pakistan Stock Exchange on Tuesday. “We write to disclose our potential interest in (i) the acquisition of Fauji Foundation’s equity stake in Fauji Infraavest Foods Limited; and (ii) the acquisition of Fauji Foundation’s cereal business operating under the name Fauji Cereals. The potential transactions are subject to all internal, regulatory, and third-party approvals,” the stock filing said. It added, “We will inform the Pakistan Stock Exchange as and when there is any material update with respect to the aforesaid”. FFL is principally engaged in the processing and sale of toned milk, milk powder, fruit juices, allied dairy, and food products. At the time of filing, the company’s scrip at the bourse was Rs. 8.93, down 4.39 percent or Rs. 0.41 with a turnover of 27.6 million shares on Tuesday.