Pakistan’s top-tier conglomerate, Engro Corporation Limited (PSX: ENGRO), is working on investing in the country’s tower infrastructure sector.
According to a stock filing, Engro Corporation’s board of directors has authorized the Company to pursue (directly or indirectly, through one of its group companies) a potential investment opportunity in the tower infrastructure sector in Pakistan.
The investment plan remains subject to certain conditions including inter alia further due diligence, finalization and execution of definitive documents as well as receipt of all regulatory consents and approvals, read the filing.
Engro Corporation’s scrip at the bourse opened at Rs. 266.7 today. At 10:15 AM, it was a bit down by Rs. 0.62 or 0.23 percent, with a turnover of over 16,000 shares on Monday.
Besides Engro, TPL REIT Management Company Limited and UAE-Based TASC Towers have also expressed interest to dabble in the telecom towers business. TPL RMC and TASC Towers have made a bid for a Telecom Tower Infrastructure Company – owner and manager of ~10,500 operating towers in Pakistan– via an infrastructure real estate investment trust.
