Engro exits EPCL after three decades, sells stake to Lotte Chemical Pakistan for $71mn
Engro Holdings Limited’s wholly-owned subsidiary, Engro Corporation Limited, has entered into a Share Purchase Agreement (SPA) with Lotte Chemical Pakistan Limited for the sale and transfer of its entire shareholding in Engro Polymer & Chemicals Limited (EPCL). The sale represents approximately 56.19% of EPCL’s issued and paid-up ordinary share capital, for a consideration of approximately Rs19.7 billion, i.e. approx. $70.95 million, subject to the completion of regulatory approvals and other customary conditions, read a statement.