Fauji Fertilizer Company Limited (FFC) held its 48th Annual General Meeting on March 16, 2026, in Rawalpindi, with in-person, video-conference and proxy participation. The meeting notice included routine 2025 business and a proposed investment in PIA Equity Limited (PIAEL). A report confirmed the meeting and a 59% quorum, but did not state whether shareholders approved the PIAEL proposal.
When and how was the AGM held?
FFC’s notice called the meeting for 11:00 a.m. on March 16, 2026, at the company’s head office, 156 The Mall, Rawalpindi, and offered participation by video conference. Business Recorder reported on March 18 that the AGM had been held on March 16. FFC’s AGM notice Business Recorder’s meeting report
According to Business Recorder’s account of a company press release, the quorum was 59%, combining in-person attendance, video conferencing and proxy representation. This is the reported quorum figure, not an independently audited attendance statistic.
What was on the agenda?
Ordinary business
The notice asked shareholders to consider the 2025 separate and consolidated audited financial statements, directors’ and auditors’ reports, and the board-recommended final dividend. It also listed confirmation of the minutes of the December 8, 2025 Extraordinary General Meeting, and appointment of auditors with their remuneration.
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Proposed investment in PIA Equity Limited
The special business concerned investment in FFC’s associated company, PIA Equity Limited. The notice proposed authority to acquire or subscribe for ordinary voting shares for an aggregate price of up to PKR 67 billion, targeting a holding of not less than 33.99% in PIAEL. It also proposed sponsor support arrangements—including standby letters of credit, guarantees, share pledges or other security—of up to PKR 11 billion.
The proposed arrangements were subject to conditions in the notice, including written Privatization Commission approval for FFC’s designation as a “Nominated Person” and the applicable transaction and shareholders’ agreement terms. The notice described an investment period extending to the second anniversary of the resolution date and proposed authorizing the FFC board chairperson to nominate directors to PIAEL’s board. These were terms put to shareholders for consideration, not confirmation that the investment was approved or completed.
The notice’s proposed resolution said FFC could make investments “by way of acquisition and/or subscription of ordinary voting shares of PIAEL” to reach “not less than 33.99% shareholding,” for an aggregate purchase price not exceeding PKR 67 billion. Read the AGM notice
What did the meeting report confirm?
Business Recorder reported that Managing Director and CEO Jahangir Piracha presented an overview of FFC’s 2025 operational and financial performance. Piracha and Board Chairperson Lt-Gen Anwar Ali Hyder answered shareholder questions about the company’s strategy and outlook. The report does not provide a vote tally or say how shareholders voted on the PIAEL special resolution.
For context, the Pakistan Stock Exchange’s company profile lists FFC’s 2025 sales as PKR 432,410,443 thousand, profit after taxation as PKR 73,564,267 thousand and earnings per share as PKR 51.69. The sales and profit figures are in thousands of Pakistani rupees; EPS is not. PSX company profile
What final dividend was credited?
FFC’s PSX-filed notice states that the final dividend for 2025 was Rs 8.50 per share (85%) and was credited to shareholders’ IBAN accounts on March 25, 2026. This is the 2025 final dividend, not a later interim payment. FFC dividend credit notice
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Was the PIAEL resolution passed?
The available meeting report confirms that the AGM took place but does not report the result of the PIAEL vote. The AGM notice establishes only what shareholders were asked to consider; it does not show that they passed the resolution, that FFC made the investment, or that the proposed terms became final.
The notice’s proxy, postal-ballot and video-conference instructions applied to the March 2026 meeting and its deadlines have passed. Shareholders seeking to take action now should use current FFC or PSX materials rather than rely on those expired instructions.
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