Karachi April 24 2023: During the first quarter Board meeting, the directors conducted a comprehensive analysis of the investment opportunities available, prevailing economic situation including but not limited to the prohibitive cost of capital and challenges on import of plant, machinery and raw materials, and the capital structure of the Company.
After extensive deliberation, the Board concluded that keeping in view the current circumstances, the most optimum utilization of cash was to pay dividends to shareholders, as a result the Board decided to declare a PKR 40.0 per share dividend.
"It is worth noting that this decision will not have a significant impact on long-term investment program of the Company which will continue to be funded by retaining future dividends and/or capital reallocation. Within its long-term investment program, Engro will continue to strive for global competitiveness within the businesses it operates and continue to explore opportunities for increasing exports and international footprint" says Ghias Khan, President and CEO of Engro Corporation.
Engro Energy Limited (EEL)along with the Sindh Transmission and Dispatch Company (STDC) and the Directorate of Alternate Energy (DAE), is eyeing to establish a renewable energy park at Jhimpir, that will provide electricity to industry at Port-Qasim and Dhabeji. Under the terms of the MoU, Engro will be responsible to build the first hybrid solar PV and wind park in the country whereas STDC and DAE will be responsible for laying the transmission network and facilitate the provision of required land for the project, respectively.
Engro Corporation also assessing the opportunity for developing a $1.8 billion petrochemical project to produce polypropylene.