KARACHI, July 25: Nishat Mills Limited withdrew its Public Announcement of Intention (PAoI) for the proposed acquisition of 75.81 per cent shares in ICI Pakistan Limited.

The company announced on Wednesday that it was withdrawing the PAoI "as the target entity did not provide much synergies to its existing business lines." Nishat Mills had made the PAoI regarding its proposed acquisition of stake in ICI on June 11, 2012.

The company said it was releasing the withdrawal notice in accordance with Regulation 17 of Listed Companies (substantial acquisition of voting shares and Takeovers) Regulations, 2008.

FFC investment: The Fauji Fertiliser Company (FFC), which declared the financial results and payout for the 1HFY12 on Wednesday, also announced that it was backing out of its acquisition of shares in Agritech.

The company said: "In view of the gas scenario and company's financial commitments, the FFC board of directors has decided not to pursue 9.99 per cent equity stake in Agritech Limited as conveyed to the stocks exchanges vide the company's letter dated April 19."