KARACHI, Oct 1: United Bank, Muslim Commercial Bank and Standard Chartered Bank have jointly arranged a term finance facility of Rs2 billion for Engro Chemical Pakistan Ltd.

The signing ceremony for this facility was signed here on Wednesday. Mr. Amar Zafar Khan, Mr. Aftab Manzoor, Mr. Badar Kazmi and Mr. Zaffar A. Khan, respective heads of all the four institutions attended the ceremony.

The Rs2 billion financing facility will be utilized by the company for re-profiling its existing long-term debt and financing capital expenditure, says a press release.

Since the employees buyout in 1991, the first in the corporate history of Pakistan, Engro has not only expanded its core operations by investing over $250 million in the urea plant located in Daharki but has also diversified its operations by setting up a blended fertilizer plant at Port Qasim as well as forming two joint ventures with international companies.

Engro has recently acquired 51 per cent interest in the Automation and Control Division of Innovative Private Ltd., a company that provides industrial solutions in the knowledge based services sector.

The financing facility will help Engro improve its profitability by reducing financial charges, its officials said at the signing ceremony.