The Board of Engro Corporation (PSX: ENGRO) has authorized the Company to enter into a Share Purchase Agreement (SPA) for the sale of its wholly owned subsidiary Engro Eximp Agriproducts (Private) Limited.
“Further to the above, an SPA has been executed with MAP Rice Mills (Private) Limited (the Acquirer) for a transaction consideration of PKR 2.4 billion on a debt-free and cash-free basis. The Acquirer is an affiliate of the Bestway Group,” the filing stated.
“The completion of this Transaction is subject to conditions as agreed in the SPA including receipt of corporate and regulatory approvals,” it added.
Engro Holdings Limited received this decision from Engro Corp in a letter dated January 28, 2025.