Agritech Limited (PSX: AGL) has complied with a request made by Bank Alfalah Limited (PSX: BAFL) for conversion of its preference shares into ordinary shares, the company informed the main bourse on Tuesday.
Vice President JS Global Waqas Ghani told ProPakistani, ‘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% since March 15, 2024’.
AGL had issued 159 million Preference Shares in 2012 under the Share Subscription Agreement dated 13th February 2012 to selected investors.
The Company received a notice from Bank Alfalah Limited (PSX: BAFL) on 29th February 2024 for the conversion of its entire (10.8 million) preference shares into ordinary shares under the Share Subscription Agreement dated 13th February 2012. It has now complied with the
request.
It bears mentioning that AGL’s scrip at the bourse is at lower lock after the notice. At the time of filing, the company’s scrip was Rs. 26.21, down 7.48 percent or Rs. 2.12 with a turnover of 1.6 million shares on Tuesday.
Source: ProPakistani