Engro chemical plans de-merger

Posted on April 28, 2009

KARACHI: The board of directors of Engro Chemical Pakistan Ltd, has, in principle agreed to carry out a de-merger of Engro Chemical. According to Engro’s communique to Karachi Stock Exchange here on Tuesday, the board of directors in its meeting today, has agreed to bifurcate fertilizer business of the company and transfer or merge into a wholly owned subsidiary, to be incorporated through legal process. For this reason, the company will file a petition in Sindh High Court to implement the de-merger. After, this process, Engro will function as a pure holding company and oversee the business of its new fertilizer subsidiary as well as other existing subsidiaries.