Engro Corporation Limited has signed an Rs2.4 billion deal to sell its wholly owned subsidiary, Engro Eximp Agriproducts (Private) Limited (EEAP), to MAP Rice Mills (Private) Limited.
The company disclosed this development to the Pakistan Stock Exchange (PSX) through a notice on Wednesday.
The acquirer is an affiliate of the Bestway Group.
“The Board of ECORP has authorized the Company to enter into a Share Purchase Agreement (SPA) for the sale of EEAP. A SPA has been executed with MAP Rice Mills (Private) Limited (the “Acquirer”) for a transaction consideration of PKR 2.4 billion on a debt-free and cash-free basis,” read the notice.
The completion of this transaction is subject to conditions as agreed in the SPA, including receipt of corporate and regulatory approvals.
Engro Eximp Agriproducts (EEAP) is a wholly owned subsidiary of Engro Corporation. Situated in the heart of the basmati growing region, it operates the most modern integrated plant for processing rice in the country capable of exporting 70,000 tons of rice.
EEAP processes and exports the finest basmati and non-basmati rice in raw, parboiled and steamed forms locally and around the world. Some of the largest European and Middle Eastern brands are EEAP’s customers while its brand Onaaj is the premier wholesale rice brand in Pakistan.
