Islamabad May 23 2028: ENGRO Corporation has obtained all the required approvals including Competition Commission of Pakistan, according to company filing to the Pakistan Stock Exchange.
Engro Corporation Limited (ECORP), a wholly owned subsidiary of Engro Holdings Limited, dated December 06, 2024 in respect of the Amalgamation Agreement executed with Pakistan Mobile Communications Limited (PMCL). Pursuant to the Amalgamation Agreement, a Scheme of Arrangement under Section 279 to 283 and 285 of the Companies Act, 2017 between ECORP, Engro Connect (Private) Limited (EConnect), a wholly owned subsidiary of ECORP, and PMCL was filed before the Islamabad High Court (the “Scheme”). This arrangement was further subject to certain corporate and regulatory approvals.
In this regard, company has informed that the parties have successfully obtained all the required approvals including Competition Commission of Pakistan Telecommunication Authority.
Furthermore, the Scheme has also been sanctioned by the Islamabad High Court which shall be effective as of June 3, 2025. Following the effectiveness of the Scheme, PMCL’s shareholding in its wholly owned subsidiary, Deodar (Private) Limited, will vest with EConnect.
The completion of this arrangement and the execution of the Scheme marks a significant milestone for Pakistan’s telecom infrastructure space. As a result of this arrangement, Engro will play a key role in advancing affordable and reliable connectivity across the country. An enhanced tower- sharing portfolio will enable Mobile Network Operators to focus on delivering core services and expanding coverage, bridging the digital divide for telecom users in Pakistan.
This investment reinforces telecommunication infrastructure as a key vertical for Engro and is expected to contribute steady cashflows, supporting future investments within this and other business verticals.
