Engro Corporation Limited has successfully completed the divestment of its wholly owned subsidiary, Engro Eximp Agriproducts (Private) Limited (EEAP), to MAP Rice Mills (Private) Limited for a total of Rs2.4 billion.
Engro Corporation disclosed this development through a notice to the Pakistan Stock Exchange (PSX) on Wednesday in accordance with Sections 96 and 131 of the Securities Act, 2015 and Rule 5.6.1 of the Rule Book of the PSX.
“We are pleased to inform you that we have received all corporate and regulatory approvals, and the transaction has been successfully completed. The transaction has been executed for a total consideration of PKR 2.4 billion on a debt-free and cash-free basis,” read the notice.
The sale deal was initially signed on January 28, 2025.
Engro Holdings Limited said that it has received the enclosed letter from Engro Corporation dated March 12, 2025, pertaining to the divestment of its wholly owned subsidiary Engro Eximp Agriproducts (Private) Limited.
Engro’s decision to divest EEAP is part of its broader strategic realignment, focusing on core business segments. The deal transfers ownership of EEAP, which specializes in rice processing and export, to MAP Rice Mills, a major player in the industry.
