Engro divests $185m shareholding in Engro Fertilisers
ISLAMABAD—Engro Corporation sold more than onefifth (28 per cent) of its shareholdings in Engro Fertilizers Limited, Pakistan’s second biggest fertilizer making firm, to local and foreign investors at approximately $185 million. The company, in a notice on Thursday to the Pakistan Stock Exchange, said it sold 295 million shares of Engro Fertilizers Limited (EFERT) to local and foreign institutional investors and high net worth individuals, a statement of the company issued here said.
“The deals were done by way of a private placement at a price of Rs65.47/share discovered through a private book building mechanism,” said the bourse filing. As a long term strategy plan Engro plans to divest from non-energy focused subsidiaries to energy focused subsidiaries.
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