Islamabad, Jan 29: Engro Corporation (PSX: ENGRO) has announced a significant move with its decision to enter into a Share Purchase Agreement (SPA) for the sale of its subsidiary, Engro Eximp Agriproducts (Private) Limited.
The transaction is valued at PKR 2.4 billion and will be completed on a debt-free, cash-free basis. MAP Rice Mills (Private) Limited, affiliated with Bestway Group, has finalized the SPA.
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The transaction is a strategic step for Engro Corporation, marking a key shift in its portfolio as the company focuses on its core business areas. The completion of this deal is contingent upon fulfilling several conditions outlined in the SPA, including securing necessary corporate and regulatory approvals.
In a letter dated January 28, 2025, Engro Holdings Limited officially received this decision from Engro Corporation.
Engro Eximp Agriproducts’ sale will streamline Engro’s operations, enabling better resource allocation and prioritization of growth areas.
MAP Rice Mills, the acquirer, will strengthen its position in the agribusiness sector. This deal shows Engro’s dynamic strategy as it adapts to market changes and focuses on long-term value creation.
The approval and finalization of this deal will shape Engro’s future, focusing on expanding core sectors and ensuring sustainable growth.
