Engro Polymer and Chemicals Limited has announced that it would enter the Hydrogen Per Oxide business through a greenfield manufacturing facility.
In a notification sent to the Pakistan Stock Exchange (PSX), Engro Polymer and Chemicals said its board of directors announced to enter Hydrogen Per Oxide business through a greenfield manufacturing facility with a CAPEX of $23 million.
The project will be funded through internal cash generation.
The notification read “Engro Polymer & Chemicals Limited derives hydrogen as part of its caustic manufacturing process. Currently, hydrogen is largely being used as fuel which is not the best value creation for hydrogen.”
The board of directors also directed the management to evaluate further capacity expansion in this space and/or other avenues of diversification.
Last month, Engro Polymer & Chemicals had announced that it had signed a contract with Tianchen Corp China (TCC) for an integrated manufacturing facility with an annual capacity of 100,000 MT per annum for capacity expansion of its PVC plant.
In continuation of the disclosure provided by Engro Polymer and Chemicals on December 28, 2017, where the company had announced approval of a capacity expansion of PVC production.
EPCL script at the PSX was trading at Rs 32.75, up by Rs 0.24 or +0.74% with a turnover of 6.12 million.
