Maple Leaf Cement Factory Ltd (MLCF), a Kohinoor Textile Mills Limited subsidiary, has acquired 6 million voting shares of Agritech Limited (AGL).

The cement maker shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday.

“Maple Leaf Cement Factory Limited (MLCF) has acquired and settled on 26 March 2024, 6,000,000 voting shares of Agritech Limited at an average rate of Rs21.65 per share,” read the notice.

“On account of this acquisition our [MLCF + Maple Leaf Capital Limited (person acting in concert)] total shareholding in Agritech Limited is 44,670,000 shares which represents 11.38% of the total issued voting shares of Agritech Limited, as previous holding of Maple Leaf Capital Limited in Agritech Limited was 38,670,000 shares,” it added.

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As per JS Global, a brokerage house, the total investment of 44.7 million shares held by both MLCF and MLCL at the current AGL price equalises to Rs1.15 billion ($4.1 million)

“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 brokerage house said, in a note.

AGL stock has rallied almost 60% since March 15, 2024.

Incorporated in Pakistan on 15 December 1959 as an unlisted Public Limited Company under the repealed Companies Act, 1913 (now the Companies Act, 2017), Agritech Limited’s principal business of the company is the production and sale of urea and granulated single super phosphate fertilizer.