Pakistan’s conglomerate, Engro Corporation, has decided to sell its wholly-owned subsidiary, Engro Eximp Agriproducts (Private) Limited (EEAP) to MAP Rice Mills (Private) Limited for Rs2.4 billion (USD 8.61 million).

This was disclosed by Engro Holdings Limited, formerly Dawood Hercules Corporation Limited, in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“Please note that the board of Engro Corporation Limited has authorized the company to enter into a Share Purchase Agreement (SPA) for the sale of Engro Eximp Agriproducts (Private) Limited,” read the notice.

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The notice stated that an SPA has been executed with MAP Rice Mills (Private) Limited, an affiliate of the Bestway Group, for a transaction consideration of Rs2.4 billion on a debt-free and cash-free basis.

“The completion of this transaction is subject to conditions as agreed in the SPA including receipt of corporate and regulatory approvals,” stated the company.

As per information on Engro’s website, EEAP is a wholly owned subsidiary of Engro Corporation, and it operates the most modern integrated plant for processing rice in the country capable of exporting 70,000 tons of rice.

The company says some of the largest European and Middle Eastern brands are among EEAP customers.

Last month, Engro Corporation announced its acquisition of a mobile phone tower network from Pakistan Mobile Communications Limited (PMCL/Jazz) for $563 million.

In its notification to the PSX at the time, Engro Corporation reported that its subsidiary, Engro Connect, had acquired PMCL’s towers from its subsidiary, Deodar (Private) Limited.

“Engro will guarantee the repayment of Deodar’s debt of $375 million (PKR equivalent) and provide PMCL with an additional amount of $187.7 million (PKR equivalent),” Engro said.