KARACHI, Dec 10 Engro Chemical Pakistan Limited proposes to demerge and transfer its fertiliser business into a separate wholly-owned subsidiary to be called Engro Fertilizers Limited.
As the conglomerate grows both vertically and horizontally with Engro Foods, Engro Vopak Terminal, Engro Eximp, Engro PowerGen, Engro Energy, Engro Polymer & Chemicals and Avanceoon Limited already functioning as fully-owned subsidiaries with separate identity under the shade of Engro Chemical, the company goes forward to adjust its image, graduating from Engro Chemical Pakistan Limited to Engro Corporation Limited.
The company had already revealed its 'Scheme of Arrangement' regarding the above developments several months ago.
And on Wednesday, Engro announced at the stock exchanges that the petition filed in the High Court of Sindh to demerge and transfer its fertiliser business into a separate wholly- owned subsidiary as Engro Fertilizers Limited, had been granted.
The court had also granted the petition in the matter of change of name of Engro Chemical Pakistan Limited to Engro Corporation Limited.
”Consequently, as provided for in the scheme of arrangement, the demerger will be effective from Jan 1, 2010”, the company said, adding “The name of Engro Chemical Pakistan Limited, also effective Jan 1, 2010, would change to Engro Corporation Limited.”
