Karachi, Engro Polymer and Chemicals Limited informed Pakistan Stock Exchange that Engro Polymer & Chemicals Limited has entered into agreements for availing a long term Ijarah based financing facility of up to US$ 35 million with the International Finance Corporation (IFC) for, inter alia, partially funding the company’s PVC expansion project. It is also intimated that in light of such arrangement, the anticipated financing requirements for the expansion project announced on 28th December 2017 have been met.
The company was set up in 1997 by the name of Engro Asahi Polymer and Chemical Ltd. It was a joint venture between Engro Chemical, Asahi Glass Company and Mitsubishi Corporation to set up a 100,000 ton capacity PVC plant at Port Qasim. The plant came into commercial operation in 1999.
In 2006, Asahi Glass divested from the business and Engro Chemical acquired its shareholding. The name of the company was changed to Engro Polymer & Chemicals Limited. The registered office of the company is located in Karachi.
Other than producing caustic soda, sodium hypochlorite, EDC and VCM, Engro Polymer & Chemicals Limited is also the manufacturer of PVC resin in Pakistan.
The symbol “EPCL” is being used by the stock exchange for the shares of Engro Polymer and Chemicals Limited.