In accordance with Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited ("PSX") and in continuation to our letter dated September 28, 2023, we hereby convey the following information:
Further to the aforementioned details, this is to update the shareholders that Engro Corporation Limited (the "Company") has now entered into discussions with Liberty Power Tech Limited for the execution of a scheme of arrangement with the objective of forming a strategic equity partnership in relation to its thermal asset portfolio held through Engro Energy Limited (the "Proposed Arrangement"). The thermal asset portfolio comprises of Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited and Sindh Engro Coal Mining Company Limited.
The consummation of the Proposed Arrangement remains subject to successful negotiations, execution of definitive documents and receipt of regulatory and third-party approvals and consents.
In case of any further material developments, the Company shall keep PSX informed accordingly.
You are requested to disseminate the above information to TREC Holders of the Exchange.
Best Regards,
Mohammad Yasir Khan
Company Secretary
Copied: Director / HOD
Surveillance, Supervision and Enforcement Department
Securities and Exchange Commission of Pakistan
NIC Building, 63 Jinnah Avenue
Blue Area, Islamabad
DISCLOSURE FORM
IN TERMS OF SECTION 96 AND 131 OF THE
SECURITIES ACT, 2015
Karachi, October 31, 2023
Name of Company:
Engro Corporation Limited
Date of Report:
October 31, 2023
Address of Registered Office:
8th Floor, The Harbor Front Building, HC # 3, Marine Drive,
Block 4, Clifton, Karachi
Contact Information:
Mohammad Yasir Khan
Company Secretary
Engro Corporation Limited
Disclosure of inside information by listed company in terms of section 96 and 131 of the Securities Act, 2015.
In continuation to our letter dated September 28, 2023, we hereby convey the following information:
This is to update the shareholders that Engro Corporation Limited (the "Company") has now entered into discussions with Liberty Power Tech Limited for the execution of a scheme of arrangement with the objective of forming a strategic equity partnership in relation to its thermal asset portfolio held through Engro Energy Limited (the "Proposed Arrangement"). The thermal asset portfolio comprises of Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited and Sindh Engro Coal Mining Company Limited.
The consummation of the Proposed Arrangement remains subject to successful negotiations, execution of definitive documents and receipt of regulatory and third-party approvals and consents.
In case of any further material developments, the Company shall keep PSX informed accordingly.
DATED: October 31, 2023
Mohammad Yasir Khan
Company Secretary
Engro Corporation Limited
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Engro Corporation Ltd. published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 05:58:46 UTC.
Engro Corporation Limited is a holding company. The Company's segments include fertilizer, polymer, terminal, power and mining, connectivity and telecom, and other operations. Fertilizer segment manufactures, purchases and markets fertilizers. Its fertilizer brands, besides urea, include Engro Zarkhez, Zingro and Engro DAP. Polymer segment manufactures, markets and sells poly vinyl chloride (PVC), PVC compounds, caustic soda and related chemicals. Terminal segment operates and maintains liquid chemical terminal, storage farm and liquefied natural gas (LNG) terminal for receipt, storage and regasification of LNG. Power and mining segment includes power generation, distribution, transmission and sale of electricity, and has investments in coal mining business. Connectivity and telecom segment buys, builds, maintains and operates telecommunication infrastructure and ancillary products and services. Other operations include investments made in food, diary and commodities trading business.