Karachi May 8 2024: Pakistan’s top business group Engro Corp. is looking to do more investment deals in developing countries after decades of experience running companies that range from fertilizer and food to electricity and gas.
The group aims to have a couple of overseas operations in developing countries over the next five years, according to Abdul Samad Dawood, Vice Chairman at Dawood Hercules Corp. and the sponsor of the group. The process is in early stages and could include taking control of some of the companies, Dawood said in an interview in Karachi.
The investments will be “like a very Berkshire Hathaway-esque sort of an approach.” The group will also look at deals in Pakistan outside its conventional businesses, said Dawood.
Engro is one of Pakistan’s largest business group by market value with businesses including dairy production, an LNG terminal and telecommunication towers. The group has foreign partners including the Dutch dairy FrieslandCampina and Netherlands-based tank terminal operator Royal Vopak.
The group’s two units Dawood and Engro in principle approved this week to restructure its shareholding to make Engro a wholly owned subsidiary of Dawood. The structure creates a freer flow of capital between the companies, Dawood said
