Dawood Hercules Corporation Limited is set to invest Rs. 5.35 billion in the shares of associated companies Engro Fertilizers Limited, Engro Polymer and Chemicals Limited, Engro Powergen Qadirpur Limited, FrieslandCampina Engro Pakistan Limited.
According to the notification issued to Pakistan Stock Exchange (PSX), the Board of Directors of the company has approved investment in shares of the associated companies up to an aggregate amount of Rs. 5.35 billion at the applicable quoted price of such shares on the date of the transaction on the Pakistan Stock Exchange Limited.
The notification said that the investment will be made subject to the approval of the members of the Company in terms of Section 199 of the Companies Act, 2017 and all other applicable laws, at the forthcoming extraordinary general meeting of the company.
The company also announced that its Board has approved the sale of its wholly owned subsidiary Empiric Al (Private) Limited to Avanceon Limited, under a share swap arrangement in exchange for a certain percentage of shares of Octopus Digital Limited, a subsidiary of Avanceon Limited.
The consummation of the transactions will be subject to the procurement of all applicable regulatory and corporate approvals, the notification added.
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