ENGRO set to become a wholly owned subsidiary of Dawood Hercules

MG News | June 26, 2024 at 12:45 PM GMT+05:00

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June 26, 2024 (MLN): Engro Corporation (PSX: ENGRO) will become a wholly owned subsidiary of Dawood Hercules Corporation Limited (PSX: DAWH) as the shareholders of DAWH have approved the demerger of the company into two legal entities.

Accordingly, DAWH’s all assets, liabilities and obligations other than its investment in shares of Engro Corporation Limited shall vest into DH Partners Limited (DHPL).

Against this, DHPL will issue shares in its share capital to the existing shareholders of DAWH Shareholders in the same proportion in which they hold shares in DH Corporation.

DAWH’s investment in shares of Engro Corporation will be retained as part of DH Corporation.

The shares held by all shareholders of Engro Corporation (other than DH Corporation) in the issued share capital of Engro Corporation shall vest with and into the company.

In exchange whereof the Transferred Shareholders shall be issued shares by DAWH in its share capital in a proportion such that the Transferred Shareholders shall hold their present proportionate shareholding in Engro Corporation indirectly through DAWH.

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