Engro Corporation notified Pakistan Stock Exchange that it has completed the share purchase agreement of divesting 29% of its stake in Elengy Terminal Pakistan Limited (ETPL) to Vopak LNG for $31,378,236.
Accordingly, as of December 13, 2018, Engro Corp and VOPAK have completed the transaction in accordance with the Share Purchase Agreement dated July July 19, 2018, for the divestment of the stake.
Furthermore, Vopak LNG has acquired a further 5% stake from International Finance Corporation (IFC) pursuant to IFC’s tag-along rights under the shareholder’s agreement that it has in place with Engro Corporation.
Reuters, back in November, reported that Vopak would acquire a total of 44 percent stake in Elengy Terminal Pakistan Ltd.
It was reported that this acquisition would have been done in separate transactions with International Finance Corp (IFC) and Engro Corp and will include a 29 percent share.
It was said that the closing was expected to take place in the first quarter of next year.
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.
Elengy Terminal Pakistan Limited operates a terminal for storage, handling, regasification, treatment, and processing of liquefied natural gas (LNG), re-gasified liquefied natural gas (RLNG), liquefied petroleum gas (LPG).
Engro Corp shares at the bourse were trading at Rs. 300.75, up Rs. 5.84 (+1.98%) with a turnover of with 127,900 shares on Friday.