LAHORE: Engro Corporation on Friday said it had entered negotiations with Vopak LNG Holding B.V which expressed an interest in acquiring a minority stake in the company’s liquefied natural gas (LNG) infrastructure in Karachi.
In a notification sent to the stock exchange on Friday, Engro Corporation announced “has entered into discussions with Vopak LNG Holding B.V. with respect to Vopak LNG Holding B.V. (itself or through its associated entity) acquiring a minority stake in Engro’s LNG infrastructure in Karachi subject to the parties entering into definitive agreements and obtaining required Board, shareholder and regulatory approvals, as the case may be. We will keep the Exchange informed of any substantive events as and when they occur.”
Engro Vopak Terminal Limited is a joint venture of Royal Vopak of The Netherlands and Engro Corporation Limited.
It has resulted in continuing provision of world-class service to the growing chemical and petrochemical industry of Pakistan since 1997.
Engro Corporation shares were trading at Rs317.50, up Rs0.47 (+0.15 percent). KSE-100 index was trading at 42,049.35 points, up 51.50 points (+0.12 percent) in first hour opening on Friday.
