Engro Holdings Appoints New CEO Following Conclusion of Restructuring Process

The Board of Directors of Engro Holdings Limited in its meeting held on January 3, 2025, approved the appointment of Abdul Samad Dawood as the Chief Executive Officer of the Company in place of Mohammad Shamoon Chaudry, with effect from January 3, 2025.

“The Board records its sincere appreciation for the invaluable contributions made by Mohammad Shamoon Chaudry during his tenure as Chief Executive Officer,” the company said in a notice to the main bourse today.

The company has finalized details of stock price adjustments following the Scheme of Arrangement approved by the Islamabad High Court. The court’s order, issued on July 18, 2024, took effect on January 1, 2025, and includes the restructuring of the company, Engro Corporation Limited (Engro Corp), and DH Partners Limited (DHPL).

In an earlier communication dated December 11, 2024, the company shared indicative timelines for implementing the Scheme, including preliminary computations for the ex-price of Engro Holdings Limited shares and the opening price of DHPL shares at PSX. The company has now provided the final computations as follows:

1. Ex-Price of Engro Holdings Limited Shares: The shares of Engro Holdings Limited will open on the PSX at the revised ex-price, effective Monday, January 6, 2025.
2. Opening Price of DHPL Shares: DHPL shares, allocated to the shareholders of Engro Holdings Limited under the Scheme, will also debut on the PSX at their calculated opening price.