April 9, 2021 (MLN): The Board of Directors of Engro Corporation Limited (ENGRO), in its meeting heldon April 8th, 2021, has approved an amount of up to USD 31.4 million or the equivalent in PKR, towards conducting engineering, design and technical studies including a Front End Engineering Design (FEED) study in relation to the PDH-PP Project.
This is in continuation to company’s notice to the PSX dated April 26, 2019, in relation to its intent to explore investment opportunities in the petrochemical sector and the approval by the Board of Directors of the company for commencement of a study in relation to a polypropylene facility based on propane dehydrogenation (“PDH-PP Project”)
In a notification to Exchange, the Company said that the results of these studies, when completed, are expected to inform the final investment decision in relation to this project, which decision will also be based on a conducive policy environment and arranging the right mix of debt and equity partners at such time.
