Mitsubishi Corporation, a Tokyo-based global integrated business enterprise, has agreed to sell its minority stake in Engro Polymer & Chemicals Limited (EPCL).
EPCL disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“This is to inform you that Mitsubishi Corporation (MC), being a foreign shareholder having 11.007% shareholding in EPCL, has entered into a Share Purchase Agreement (SPA) with Liberty Daharki Power Limited and Seagreen Enterprises (Private) Limited after direct negotiation for selling MC’s 100,053,562 shares in EPCL,” read the notice.
The company did not disclose the value of the transaction.
Engro Polymer & Chemicals Limited
The development is subject to completion of required conditions precedent in each SPA, including appropriate corporate and regulatory approvals, it added.
Mitsubishi Corporation is a Japanese general trading company and a core member of the Mitsubishi Group. The company holds interests in numerous large energy, mining, chemical, and infrastructure projects abroad, which generate the bulk of the company’s revenue.
Meanwhile, Engro Polymer & Chemicals Limited was incorporated in Pakistan in 1997. EPCL is a subsidiary of Engro Corporation, which is a subsidiary of Dawood Hercules Corporation Limited.
The company is engaged in the manufacturing, marketing, and selling of Poly Vinyl Chloride (PVC), Caustic Soda, Vinyl Chloride Monomer (VCM) and related products.
The company also has a captive power plant and water recycling plant in its integrated chemical complex. The surplus power produced by the company is also supplied to Engro Fertilizers Limited.
American Dollar Exchange Rate