PAKISTAN
Engro Holdings Limited has confirmed the receipt of a letter from Engro Corporation Limited about the divestment of its wholly-owned subsidiary, Engro Eximp Agriproducts (Private) Limited (EEAP). The notification, dated March 12, 2025, was issued to the Pakistan Stock Exchange (PSX).
In January 2025, Engro Corporation made the strategic decision to divest EEAP to MAP Rice Mills (Private) Limited for Rs2.4 billion (USD 8.61 million). This decision was part of Engro’s ongoing efforts to streamline its portfolio and focus on its core business areas.
According to the notice released by Engro Holdings Limited, formerly known as Dawood Hercules Corporation Limited, the Share Purchase Agreement (SPA) for the transaction has been successfully executed with MAP Rice Mills (Private) Limited. The deal is structured on a debt-free and cash-free basis.
EEAP, which was a fully owned subsidiary of Engro Corporation, operates the country’s most advanced integrated rice processing plant. The plant has the capacity to process and export up to 70,000 tons of rice annually. The company also serves some of the largest European and Middle Eastern brands in the rice industry, further solidifying its position as a major player in the global market.
This divestment marks a significant shift in Engro Corporation’s business strategy, as the company continues to evolve in response to market conditions and growth opportunities.
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