KARACHI: Fauji Fertiliser Company (FFC) will buy out the shareholding of Fauji Foundation (FF) and Fauji Fertiliser Bin Qasim Ltd (FFBL) in Foundation Wind Energy I and II, subject to regulatory approvals.
In separate notices to the Pakistan Stock Exchange (PSX) on Tuesday, FFC and FFBL told their shareholders about the transaction that will create synergies in the renewable energy segment within the Fauji group.
FFBL will sell its 35 per cent stake in Foundation Wind Energy I to FFC for Rs2.72 billion. Similarly, it’ll sell its 35pc shareholding in Foundation Wind Energy II to FFC for Rs2.74bn.
These are wind energy projects of 49.5 megawatts each. Set up at a cost of $125 million each with a capital structure of 75pc debt and 25pc equity, their annual profits amounted to Rs1.8bn and Rs1.7bn, respectively.