KARACHI: Engro Corp­oration announced on Friday the closing of deal regarding Vopak’s acquisition of 29 per cent stake in Elengy Terminal Pakistan Ltd (ETPL).

According to the arrangement, Engro Corporation has sold 24pc at $31.38 million while International Finance Corporation (IFC) divested 5pc shares to Vopak LNG Holding BV, leaving the Dutch company with a 29pc equity holding in ETPL.

This deal would take the aggregate foreign direct investment generated by Engro over the last three years to $550m.

Engro also observed that the Vopak and IFC had separately agreed that the remainder of latter’s shares would be acquired by Vopak, pending certain regulatory consents and approvals. After completion of the transaction, Engro will own 56pc shares in ETPL and Royal Vopak 44pc.

Published in Dawn, December 15th, 2018