AGL 37.94 Decreased By ▼ -0.54 (-1.4%)
AIRLINK 193.91 Decreased By ▼ -9.11 (-4.49%)
BOP 9.32 Decreased By ▼ -0.85 (-8.36%)
CNERGY 5.84 Decreased By ▼ -0.70 (-10.7%)
DCL 8.68 Decreased By ▼ -0.90 (-9.39%)
DFML 36.46 Decreased By ▼ -3.56 (-8.9%)
DGKC 92.54 Decreased By ▼ -5.54 (-5.65%)
FCCL 33.97 Decreased By ▼ -0.99 (-2.83%)
FFBL 82.30 Decreased By ▼ -4.13 (-4.78%)
FFL 12.75 Decreased By ▼ -1.15 (-8.27%)
HUBC 120.61 Decreased By ▼ -10.96 (-8.33%)
HUMNL 13.60 Decreased By ▼ -0.42 (-3%)
KEL 5.22 Decreased By ▼ -0.39 (-6.95%)
KOSM 6.52 Decreased By ▼ -0.75 (-10.32%)
MLCF 42.11 Decreased By ▼ -3.48 (-7.63%)
NBP 59.81 Decreased By ▼ -6.57 (-9.9%)
OGDC 211.17 Decreased By ▼ -9.59 (-4.34%)
PAEL 37.58 Decreased By ▼ -0.90 (-2.34%)
PIBTL 8.07 Decreased By ▼ -0.84 (-9.43%)
PPL 190.32 Decreased By ▼ -7.56 (-3.82%)
PRL 38.17 Decreased By ▼ -0.86 (-2.2%)
PTC 23.45 Decreased By ▼ -2.02 (-7.93%)
SEARL 97.94 Decreased By ▼ -5.11 (-4.96%)
TELE 8.22 Decreased By ▼ -0.80 (-8.87%)
TOMCL 35.03 Decreased By ▼ -1.38 (-3.79%)
TPLP 13.55 Decreased By ▼ -0.20 (-1.45%)
TREET 22.73 Decreased By ▼ -2.39 (-9.51%)
TRG 52.87 Decreased By ▼ -5.17 (-8.91%)
UNITY 32.96 Decreased By ▼ -0.71 (-2.11%)
WTL 1.52 Decreased By ▼ -0.19 (-11.11%)
BR100 11,349 Decreased By -541.2 (-4.55%)
BR30 34,972 Decreased By -2384.1 (-6.38%)
KSE100 106,275 Decreased By -4795.3 (-4.32%)
KSE30 33,353 Decreased By -1555.7 (-4.46%)

Pakistan’s conglomerate Engro Corporation Limited (Engro) has entered into an in-principle understanding with a potential acquirer to sell its select thermal energy assets.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“Engro Corporation Limited has entered into an in-principle understanding with a potential acquirer for the proposed divestment of the company’s select thermal energy assets held through its wholly owned subsidiary, Engro Energy Limited, by way of a scheme of arrangement,” read the notice.

The company said the consummation of the proposed transaction is subject to detailed due diligence, execution of definitive documents and receipt of regulatory and third-party approvals and consents.

A day ago, the company shared that its board has authorised the company for the restructuring and/or reorganization of its thermal energy assets under a separate wholly-owned holding company.

The restructuring of thermal assets is part of Engro’s ongoing efforts to streamline and optimise capital and resource allocation, it said in a filing to the bourse on Wednesday.

As per Engro’s latest financial results, the company posted a Profit After Tax (PAT) of Rs21.47 billion for the half-year ended June 30, 2023, an increase of 28% as compared to Rs16.8 billion recorded in the same period of the previous year.

The profit translates into Earnings Per Share (EPS) of Rs19.12 in 1HCY23, in comparison to an EPS of Rs12.87 recorded in the same period last year.

The “earnings are according to industry expectations,” said Topline Securities in its note.

Comments

Comments are closed.