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De-merger of Engro approved

RECORDER REPORT

Wednesday, 29 Apr, 2009 4:15 am

KARACHI : The board of directors of Engro Chemical Pakistan Limited, in its meeting held on Tuesday, agreed in principle to carry out a demerger of Engro, in terms of which its fertiliser business is proposed to be bifurcated from Engro and transferred/merged into a wholly owned subsidiary (to be incorporated).

In an information sent to Karachi Stock Exchange (KSE), the company will be seeking the requisite consents/approvals and shall then file a petition in the High Court of Sindh at Karachi to implement the de-merger.

Essentially, the fertiliser assets of Engro will be substituted by shares of its new wholly owned subsidiary. Engro will then function as a pure holding company and oversee the business of its new fertiliser subsidiary as well as the business of its other existing subsidiaries/affiliate. This will provide a number of organisational and other benefits to the company, it added.

Copyright Business Recorder, 2009

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