Engro Corporation Delisting from PSX: A New Chapter
Engro Corporation Limited's delisting from the PSX is set to take effect on January 14, 2025, as part of a Scheme of Arrangement with Engro Holdings Limited, resulting in the allotment of 722.94 million ordinary shares to eligible shareholders and a new chapter for the company.
In a significant development, Engro Corporation Limited (ENGRO) has announced its delisting from the Pakistan Stock Exchange (PSX), effective January 14, 2025, as part of a Scheme of Arrangement with Engro Holdings Limited (ENGROH), marking a new era for the company.
The delisting is subject to the fulfillment of certain requirements and follows the approval of the Scheme of Arrangement by the Islamabad High Court on July 18, 2024. As part of the scheme, ENGROH's board has approved the allotment of 722.94 million ordinary shares to eligible shareholders, with no fractional shares allotted. The shares will be issued with a face value of PKR 10 each to all shareholders whose names appear in the register of members as of January 7, 2025.
The delisting of ENGRO from the PSX is a result of the completion of the necessary requirements, and the company will no longer be traded on the exchange from January 14, 2025. Engro Holdings Limited, previously known as Dawood Hercules Corporation Limited, will now play a significant role in the company's future operations. The allotment and issuance of shares to eligible shareholders will be made in accordance with the Scheme of Arrangement, and any fractional entitlements will be consolidated into whole shares of EHL.
The delisting of Engro Corporation Limited from the PSX marks a significant milestone in the company's history, and it will be interesting to see how this development impacts the company's future operations and growth. With the Scheme of Arrangement in place, Engro Holdings Limited is poised to take the company in a new direction, and investors will be watching closely to see how this unfolds.
