Engro Corporation told Pakistan Stock Exchange that it has finished the offer buy understanding of stripping 29% of its stake in Elengy Terminal Pakistan Limited (ETPL) to Vopak LNG for $31,378,236.
Likewise, as of December 13, 2018, Engro Corp and VOPAK have finished the exchange as per the Share Purchase Agreement dated July 19, 2018, for the divestment of the stake.
Moreover, Vopak LNG has obtained a further 5% stake from International Finance Corporation (IFC) in accordance with IFC’s tag-along rights under the investor’s understanding that it has set up with Engro Corporation.
Reuters, back in November, revealed that Vopak would procure a sum of 44 percent stake in Elengy Terminal Pakistan Ltd.
It was accounted for that this obtaining would have been done in discrete exchanges with International Finance Corp (IFC) and Engro Corp and will incorporate a 29 percent share.
It was said that the end was required to occur in the principal quarter of one year from now.
Engro Vopak Terminal Limited is a joint endeavor of Royal Vopak of The Netherlands and Engro Corporation Limited. It has brought about proceeding with arrangement of world-class administration to the developing synthetic and petrochemical industry of Pakistan since 1997.
Elengy Terminal Pakistan Limited works a terminal for capacity, dealing with, regasification, treatment, and handling of melted gaseous petrol (LNG), re-gasified condensed flammable gas (RLNG), condensed oil gas (LPG).
Engro Corp shares at the bourse were exchanging at Rs. 300.75, up Rs. 5.84 (+1.98%) with a turnover of with 127,900 offers on Friday.