KARACHI: Fauji Foundation has withdrawn its public announcement of intention (PAI) to acquire shares and control of Agha Steel Industries.

With reference to the PAI, published on August 31, 2024, the acquirer said that the negotiations with the sellers to acquire voting shares in the target (Agha Steel Industries) have been inconclusive.

“In view of the above and on behalf of the Acquirer (Fauji Foundation), we hereby give notice of withdrawal of the PAI pursuant to Regulation 21 (1) (b) of the Regulations ready with relevant provisions of the Act,” Integrated Equities Limited, the Manager of Offer of Fauji Foundation said in a notice sent to Pakistan Stock Exchange on Tuesday.

Copyright Business Recorder, 2024