ELECTION OF DIRECTORS
Engro to list flagship fertiliser unit by month-end
Engro Corporation will list its flagship fertiliser business by the end of the current month in order to repay its debt and fund capital expenditures. In an investor presentation made by company executives on October 11, Engro Fertilizers unveiled its plans to price its Rs1.5 billion (targeted) IPO by the end of the month. The country’s major fertiliser manufacturing and marketing company will issue 75 million ordinary shares at a floor price of Rs 20 per share. In addition, Engro Corp, the holding company with a majority shareholding, will sell up to 30 million ordinary shares out of its existing stake at the strike price determined through the book-building mechanism. Only institutional and large investors are allowed to take part in the book-building exercise, which precedes the IPO stage.