Karachi: Engro Holdings Limited (EHL), formerly known as Dawood Hercules Corporation Limited, has announced the successful completion of its share allotment process to the eligible shareholders of Engro Corporation Limited (Engro Corp) and DH Partners Limited (DHPL), following the Scheme of Arrangement sanctioned by the Islamabad High Court on July 18, 2024. As part of this financial restructuring, Engro Corp has been delisted from the Pakistan Stock Exchange (PSX) effective January 10, 2025.
On January 10, 2025, the Board of Directors of EHL resolved to allot and issue a total of 722.94 million ordinary shares with a face value of PKR 10 each to the eligible shareholders of Engro Corp, excluding EHL. The share swap ratio was set at 2.24407865 EHL shares for each Engro Corp share held, subject to fractional adjustments. The shares have been credited to the accounts maintained with the Central Depository Company of Pakistan Limited, while physical shares can be exchanged through FAMCO Share Registration Services (Private) Limited within statutory timelines.
In parallel, DHPL's shareholders were allocated shares in a 1:1 ratio corresponding to their EHL holdings as of January 7, 2025. These shares have been credited to the respective accounts, with physical certificates being dispatched within the statutory deadlines. This allocation signifies the demerger of EHL into two distinct legal entities, with DHPL assuming all assets, liabilities, and obligations other than the investment in Engro Corp shares, as detailed in the Scheme.
According to information available from the Pakistan Stock Exchange (PSX), Engro Corp's delisting occurred following its transition to a wholly-owned subsidiary of EHL, thereby consolidating its market presence. The move is expected to streamline operations and optimize the corporate structure of EHL.
Notices to shareholders of Engro Corp and EHL are slated for publication in Business Recorder (English) and Nawai Waqt (Urdu) on January 14, 2025. Shareholders of EHL, including former Engro Corp shareholders, are advised to contact FAMCO Share Registration Services for further details, while DHPL shareholders should reach out to CDC Share Registrar Services Limited for additional clarification. This strategic restructuring marks a significant milestone in EHL's corporate evolution and its future market positioning.