Engro Corporation Limited (ENGRO) has received board approval to initiate the restructuring and reorganization of its thermal energy assets under a separate wholly-owned holding company.
In a notice to the Pakistan Stock Exchange (PSX), the company said that this strategic decision is “part of the company’s ongoing efforts to streamline and optimize capital and resource allocation”. This will involve the creation of an independent wholly owned holding company
The company’s current portfolio of thermal assets is placed under its wholly owned subsidiary Engro Energy Limited, and compromises Engro Powergen Qadirpur Limited, Engro Powergen Thar Limited and Sindh Engro Coal Mining Company, according to a report by JS Global.
Engro Corporation is a subsidiary of Dawood Hercules Corporation Limited. The principal activity of the company is to manage investments in subsidiary companies, associated companies and joint ventures, engaged in fertilizers, power generation, telecommunications infrastructure, petrochemicals, mining, food, LNG and chemical storages.
The company reported profit-after-tax (PAT) of Rs. 21.47 billion during 1HCY23 compared to Rs. 16.81 billion in 1HFY22.