Engro Holdings appoints Abdul Samad Dawood as CEO

January 06, 2024 (MLN): The Board of Directors of Engro Holdings Limited (PSX: ENGROH), in its meeting held on January 3, 2025, approved the appointment of Abdul Samad Dawood as the Chief Executive Officer, succeeding Mohammad Shamoon Chaudry, effective from January 3, 2025.

“The Board records its sincere appreciation for the invaluable contributions made by Mr. Mohammad Shamoon Chaudry during his tenure as Chief Executive Officer”, the statement to the main bourse stated today.

The company has finalized the stock price adjustments in line with the Scheme of Arrangement, which was approved by the Islamabad High Court.

It is important to notice, DH Partners Limited (PSX:DHPL) is set to make its debut on the Pakistan Stock Exchange (PSX) with an opening price of Rs58.99 per share.

This valuation is based on the final computation following the issuance of shares to the company’s shareholders under the approved Scheme of Arrangement.

The court's order, dated July 18, 2024, took effect on January 1, 2025, and encompasses the restructuring of the company, Engro Corporation Limited (Engro Corp), and DH Partners Limited (DHPL).

To recall, in its previous communication on December 11, 2024, the company shared indicative timelines for the Scheme and preliminary computations for the ex-price of Engro Holdings Limited shares and the opening price of DHPL shares at PSX.

The ex-price of Engro Holdings was calculated using the closing price of Engro Corp shares on January 3, 2025 (Rs 485.38) and the swap ratio of 2.24407865.

Meanwhile, the opening price of DHPL shares was derived by subtracting the ex-price from the closing price of Engro Holdings (Rs 275.28).

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