ENGRO gearing up for strategic restructuring of Thermal Energy Assets

MG News | September 27, 2023 at 12:21 PM GMT+05:00

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September 27, 2023 (MLN): The Board of Engro Corporation Limited (PSX: ENGRO) has authorized the company the restructure and/or reorganise its Thermal Energy Assets under a separate wholly-owned holding company, the company's filing on PSX revealed.

The aforestated development is part of the company's ongoing efforts to streamline and optimize capital and resource allocation

In case of any further material development, the company shall keep PSX informed accordingly, the notification reads.

ENGRO is a subsidiary of Dawood Hercules Corporation Limited (the Parent Company).

The principal activity of the company is to manage investments in subsidiary companies, associated companies and joint ventures, engaged in fertilizers, power generation, telecommunications infrastructure, petrochemicals, mining, food, LNG and chemical storage.

At the time of writing, the scrip of the company is being traded at Rs242.2, up by Rs1 or 0.42% compared to the previous close.

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