Karachi, Engro Polymer and Chemicals Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on January 31, 2018.
The agenda of the meeting was discussion of consolidated profit and loss account for year ended December 31, 2017 which portrayed a profit of Rs. 2,053,016 with earnings per share 3.09 basic and diluted respectively.
Further, 8% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from March22, 2018 to March 29, 2018 (both days inclusive).
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.