En­gro divests $185m share­hold­ing in En­gro Fer­tilis­ers

Pakistan Observer - - EONOMIC WATCH - STAFF RE­PORTER

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.

ISLAMABAD: Fed­eral Min­is­ter for Wa­ter and Power Khawaja Muham­mad Asif pre­sid­ing over 106th board meet­ing of Pri­vate Power and In­fra­struc­ture Board to Re­view the Progress of on­go­ing Power Projects.

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