Mitsubishi Corporation to sell 11% stake in Engro Polymer & Chemicals

Engro Polymer & Chemicals Limited (EPCL) has announced that Mitsubishi Corporation, a foreign shareholder with an 11.007% stake in the company, has entered into a share purchase agreement (SPA) for the sale of 100,053,562 shares in EPCL. The transaction is subject to completion of conditions precedent, including obtaining necessary corporate and regulatory approvals.

The SPA was signed between Mitsubishi Corporation and Liberty Daharki Power Limited and Seagreen Enterprises (Private) Limited. According to the letter from Mitsubishi Corporation, the sale will proceed once the required conditions are fulfilled, which will see Mitsubishi Corporation reduce its ownership in EPCL.

Engro Polymer & Chemicals will continue to provide updates on the progress of this transaction, including any developments related to the fulfillment of conditions or approvals required for the sale to be completed.

The sale of Mitsubishi’s shares is part of ongoing changes in EPCL's ownership structure, which are in line with the company's strategic direction.

For and on behalf of Engro Polymer & Chemicals Limited, the information was officially disclosed by Saqib Rafique, Company Secretary.