UK-based company fails to acquire Agritech
Investment firm Ashmore Global unable to finalise negotiations on time.
KARACHI:
UK-based company Ashmore Global Special Situations Fund Five is not going to buy 80 per cent share of Agritech Limited due to lapse of time to finalise negotiations, according to a statement issued on Friday.
Ashmore Global Special Situations Fund Five, launched in 2008, primarily invests in private equity and other debt instruments in emerging markets. It manages $41.6 billion as of September 2010 in pooled funds, segregated accounts and structured products.
The company announced intentions to acquire the company in December 2010. Fauji Fertilizer Company was another company that expressed interest to acquire Agritech in August 2010.
Agritech was originally a fully owned subsidiary of Azgard Nine, acquired in July 2006 at a cost of Rs16.1 billion.
However, Azgard Nine sold 20.13 per cent of its shareholding in the company later for Rs2.37 billion.
Published in The Express Tribune, September 10th, 2011.
UK-based company Ashmore Global Special Situations Fund Five is not going to buy 80 per cent share of Agritech Limited due to lapse of time to finalise negotiations, according to a statement issued on Friday.
Ashmore Global Special Situations Fund Five, launched in 2008, primarily invests in private equity and other debt instruments in emerging markets. It manages $41.6 billion as of September 2010 in pooled funds, segregated accounts and structured products.
The company announced intentions to acquire the company in December 2010. Fauji Fertilizer Company was another company that expressed interest to acquire Agritech in August 2010.
Agritech was originally a fully owned subsidiary of Azgard Nine, acquired in July 2006 at a cost of Rs16.1 billion.
However, Azgard Nine sold 20.13 per cent of its shareholding in the company later for Rs2.37 billion.
Published in The Express Tribune, September 10th, 2011.