KARACHI, March 19: The gas supply to the new plant of Engro Corporation’s 100 per cent owned subsidiary, Engro Fertilizer Limited, was shut down on Friday night, a notice released by the company at the stock exchange on Monday morning said.
Under the material information disclosure requirement of the KSE Listing Rules, the Engro Corporation stated that the supply of gas was turned off and the Sui Northern Gas Pipelines Limited (SNGPL) informed the company that it was discontinuing gas supply to the plant, as a consequence of curtailed supply from some gas fields and to manage the demand and supply position.
Engro further notified that SNGPL had said that it would “endeavour to resume the gas supply as soon as the position improves.”
The rumour though already in the market since Saturday, the Engro share crashed to day’s ‘lower lock’-- 5 per cent down from the opening price, to close Rs5.27 lower at Rs101.33 on 5.76 million shares on Monday trading at the stock market.
A company official when asked to comment just shrugged his shoulders: “Well they cut off the supply and that’s that”.
He, however, said that the company might offer its version of the impact and opinion over the gas discontinuation, in a press statement on Tuesday.