KARACHI: Dawood Hercules Corporation Ltd is going to make long-term investments of more than Rs5.3 billion in its associated companies.
Shareholders passed a resolution in their extraordinary general meeting on Monday to allow the investments in the publicly traded shares of four companies at prices quoted on the Pakistan Stock Exchange.
The holding company chaired by prominent businessman Hussain Dawood serves as a vehicle for equity investments in a number of subsidiaries and associated companies, including Engro Corporation Ltd.
The general public, including local and foreign investors, controlled more than 58 per cent shareholding in Dawood Hercules Corporation at the end of 2021.
The holding company will invest Rs2 billion in Engro Fertilisers Ltd, Rs2bn in Engro Polymer and Chemicals Ltd, Rs350 million in Engro Powergen Qadirpur Ltd and Rs1bn in Frieslandcampina Engro Pakistan Ltd. The resolution will remain valid for five years.
Separately, the shareholders also authorised the company to dispose of its entre shareholding in its wholly owned subsidiary Empiric AI Ltd to technology firm Avanceon Ltd against a 5.68pc shareholding in Octopus Digital Ltd, a subsidiary of Avanceon Ltd involved in data storage, online monitoring and review of employee efficiency, cost and production efficiency and maintenance of plant and machinery.
Published in Dawn, November 22nd, 2022