Engro divests $185 million shareholding in Engro Fertilizers

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ISLAMABAD, Jun 9 (APP): Engro Corporation sold more than one-fifth (28%) of its shareholdings in Engro Fertilizers Limited, Pakistan’s second biggest fertilizer making firm, to local and foreign investors at approximately $185 million.

The company, in a notice on Thursday to the Pakistan Stock Exchange, said it sold 295 million shares of Engro Fertilizers Limited (EFERT) to local and foreign institutional investors and high net worth individuals, a statement of the company issued here said.

“The deals were done by way of a private placement at a price of Rs 65.47/share discovered through a private book building mechanism,” said the bourse filing.

As a long term strategy plan Engro plans to divest from non-energy focused subsidiaries to energy focused subsidiaries.