Engro Holdings receives letter on EEAP divestment
MG News | January 29, 2025 at 09:27 AM GMT+05:00
January 29, 2025 (MLN): Engro Holdings Limited (PSX: ENGROH) has received a letter from Engro Corporation Limited, dated January 28, 2025.
The letter concerns the divestment of Engro Eximp Agriproducts (Private) Limited, which is a wholly owned subsidiary of ENGROH, the company's filing on PSX revealed today.
The Board of ECORP has given the Company permission to enter into a Share Purchase Agreement ("SPA") to sell EEAP, referred to as the "Transaction."
A SPA has been executed with MAP Rice Mills (Private) Limited (Acquirer) for a transaction valued at Rs2.4 billion on a debt-free and cash-free basis.
The Acquirer is affiliated with the Bestway Group.
The completion of the Transaction depends on conditions outlined in the SPA, including obtaining corporate and regulatory approvals.
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