Maple Leaf Cement Factory Limited (PSX: MLCF) has acquired 6 million voting shares of Agritech Limited (AGL), the cement maker informed the main bourse on Thursday.
As a result of this acquisition, Maple Leaf Cement and Maple Leaf Capital Limited (MLCL), now collectively possess 44.7 million voting shares of AGL.
According to JS Global, this represents an aggregate shareholding of 11.38 percent in the target company’s share capital when combined with the voting shares already held by Maple Leaf Capital (38.7 million shares).
In the past, AGL encountered difficulties as its peer companies enjoyed the advantage of lower gas prices. In the current scenario, however, the situation has changed with most fertilizer companies now facing similar gas costs across the board, which is comparatively beneficial for AGL. The stock has rallied almost 60 percent since March 15, 2024.
The total investment of 44.7 million shares held by both MLCF and MLCL at the current AGL price equalizes to Rs. 1.15 billion (US$ 4.1 million).
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