External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Fauji Fertilizer Bin Qasim  / Equity Bottom-Up

<ul><li>Fauji Fertilizer Bin Qasim (FFBL) board has granted in principle approval to evaluate and prepare a proposal for amalgamation of FFBL with and into Fauji Fertilizer Company (FFC) by way of Scheme of Arrangement (SoA).</li><li>For the background, both fertilizer companies are part of Fauji Foundation group and FFC currently holds 49.9% stake in FFBL. With this merger activity, FFBL business operations will be merged into FFC and shareholders of the FFBL will get shares of FFC, in our view.</li><li>To highlight, Fauji Group has been doing this activity of restructuring and consolidation for last few years wherein in the past, Askari Cement Limited (ACL) was merged into Fauji Cement (FCCL).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Fauji Fertilizer Bin Qasim (FFBL) board has granted in principle approval to evaluate and prepare a proposal for amalgamation of FFBL with and into Fauji Fertilizer Company (FFC) by way of Scheme of Arrangement (SoA).For the background, both fertilizer companies are part of Fauji Foundation group and FFC currently holds 49.9% stake in FFBL. With this merger activity, FFBL business operations will be merged into FFC and shareholders of the FFBL will get shares of FFC, in our view.To highlight, Fauji Group has been doing this activity of restructuring and consolidation for last few years wherein in the past, Askari Cement Limited (ACL) was merged into Fauji Cement (FCCL).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Fertilizer: FFBL and FFC amalgamation; SWAP ratio estimation