Karachi, Engro Corporation Limitedinformed Pakistan Stock Exchange that the Company has entered into the discussions with Vopak LNG Holding B.V with respect to Vopak LNG Holding B.V, acquiring a monitory stake in Engro’s LNG infrastructure in Karachi subject to the parties entering into definite agreement and obtaining required Board, shareholders and regulatory approvals, as the case may be. They will keep the exchange informed of any substantive events as and when they occur.
Engro Corporation Limited is a publically listed company incorporated in Pakistan under the Companies Ordinance, 1984. The company is engaged in the business of managing investments in subsidiary companies and joint venture, engaged in chemical fertilizers, PVC resin manufacturing, food, energy, exploration, LNG and liquid chemical terminal and storage businesses. The registered office of the company is located in Karachi. The shares of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan.
The business ventures of the company started in 1957 from the search for oil by Pak Stanvac an Esso/Mobil joint venture which led to the discovery of the Mari Gas field near Daharki. Later, Esso proposed the establishment of a urea plant in that area which led to a fertilizer plant agreement signed in 1964. In the subsequent year, Esso Pakistan Fertilizer Company Limited was incorporated, with 75% of the shares owned by Esso and 25% by the general public.
The subsidiary companies of the group are Engro Fertilizers Limited, Engro Foods Limited, Engro Polymers And Chemicals Limited, EngroPowergen Limited, Engro EXIMP Private Limited, EngroVopak Terminal Limited and Elengy Terminal Pakistan Limited.
The symbol “ENGRO” is being used by the stock exchange for the shares of Engro Corporation Limited.