Agritech Limited to Partially Redeem Preference Shares

Agritech Limited has announced the partial redemption of its preference shares following a meeting of its preference shareholders held on July 19, 2024, the company informed the main bourse on Friday.

“This is in continuation to our disclosure dated 27th June 2024 in relation to notice of a meeting of the preference shareholders of Agritech Limited (the “Company”) to be held on 19th July 2024 in respect of the partial redemption of the Preference Shares,” the company said in a notice to PSX.

The preference shareholders of the Company in their meeting held on 19th July 2024 have approved the following matters:

• Subject to the approval of the ordinary shareholders, provision of a one-time option to the preference shareholders for partial redemption of the preference shares, and for the purposes thereof, granting the following one-time consents:
  • A one-time consent allowing the Company to partially redeem the preference shares only to the extent of the issue price component of the redemption price; and
  • A one-time consent allowing the Company to utilize the available liquidity and/or such other funds for the partial redemption of the preference shares; and,
• Confirmation of the liability of the Company to pay the accumulated dividend up to the date of redemption for any partially redeemed preference shares.

The principal business of the Company is the production and sale of Urea and Granulated Single Super Phosphate fertilizer.