Fauji Fertilizer Bin Qasim Limited (FFBL), a subsidiary of Fauji Foundation, with a view to entering into dairy business, has acquired 51 per cent stakes in Noon Group Limited (NGL). An agreement to this effect was signed by representatives of both the companies at a ceremony held here on Monday at a local hotel.
Danish Ambassador to Pakistan, Chairman Noon Group Limited (NGL), Malik Adnan Hayat Noon; Chief Executive NGL, Salman Hayat Noon; Chairman Fauji Foundation, Lieutenant General Khalid Nawaz Khan (Retd) and Chief Executive/Managing Director FFBL, Lieutenant General Haroon Aslam (Retd), were present at the ceremony. Speaking on the occasion, FFBL's chief executive/managing director Lieutenant General Haroon Aslam (Retd) said that green field business was approved by FFBL Board in April 2013 as part of its diversification plan.
FFBL's chief financial Officer (CFO) Syed Amir Ahsan said that FFBL has acquired 51pc shares of Noon Pakistan Limited which is recognised as Noorpur and is known as pioneer in the country's dairy business. He said that due to the prevailing natural gas scenario in the country, FFBL, as part of its business and growth strategy has decided to invest in food, energy and banking sectors during the last three years.
The company has invested in two Fauji Foundation's wind power projects of 50MW each and is the largest shareholder in both projects. It has 5pc equity in each wind energy project. Besides, Fauji Bin Qasim has also been established. Fauji Foundation has also invested in Askari Bank with 22pc stakes, besides setting up two subsidiaries - Fauji Meat Limited and Fauji Foods Limited - and FFBL along with Fauji Foundation owns 75 and 25pc equity in both these entities. Fauji Meat Limited is a world class Halal meat, set up in Karachi with an investment of Rs 7.5 billion which will be online by the end of this year.
Pakistan is the fourth largest milk producing country with 40bn litres of milk per annum, but only 2pc is being used for by-products. Earlier, Executive Director of Noon Pakistan Limited, Abdul Khaliq Khan, gave a detailed history of Noon family, saying the family's business is recognised as the pioneer in the country's dairy business. He also appreciated the consultants of both the organisations for finalising the agreement. He was of the view that joint venture with Faujis will take the dairy business to its new heights.