September 7, 2018 (MLN): Engro Polymer and Chemicals Limited has announced to enter the Hydrogen Per Oxide business through a greenfield manufacturing facility with a Capital Expenditure (CAPEX) to the amount of $23 Million, according to a notification filed by the firm on the Pakistan Stock Exchange.

The project is to be funded through internal cash generation.

According to the firm, “Engro Polymer & Chemicals Limited derives Hydrogen as part of its Caustic manufacturing process. Currently Hyrdogen is largely being used as fuel which is not the best value creation for Hydrogen.”

As per the announcement on PSX, the Board of Directors of the firm has also directed the management of the company to evaluate further capacity expansion in this space and/or other avenues of diversification.

“We will keep the Exchange informed of any further substantive events as and when they occur,” it said.

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