ANL gives its Agritech holdings to NBP – Alfalah Securities Limited

Karachi, November 02, 2012 (PPI-OT): Azgard Nine Ltd. (ANL) has offered its holdings of 100 million shares in Agritech Ltd. worth of PKR 3.50 billion to the National Bank of Pakistan (NBP) in order to pay its long-term loans.

According to Alfalah Securities Limited, the deal was executed between ANL and NBP on Oct 31, 2012, as reported in the local newspaper. ANL held 79.89% stake in Agritech which is a fertilizer company that produces Urea and Granuled Single Super Phosphate (SSP). ANL has been reporting loss for the past two years mainly due to high finance cost due to heavy leverage on the books with debt to equity of 59:41 in FY12. ANL is currently trading at PKR 7.2 per share while Agritech (AGL) is trading at PKR 13.5.

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