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Engro Corporation announced on Wednesday that it would inject an equity of Rs21.5 billion in its wholly-owned subsidiary, Engro Connect (private limited), as part of the company's telecommunications vertical initiatives.

In a notice sent to the Pakistan Stock Exchange (PSX), Engro Corp said that the funds will primarily be utilised to fuel expansion in the Build-to-Suite (BTS) tower business of Enfrashare (Private) Limited, "including but not limited to provision of efficient energy solutions, installation of state-of-the-art network monitoring solutions and exploration of other investment avenues within the connectivity value chain".

Engro Corp approves over $31mn to identify investment opportunities

On Tuesday, Engro Corp announced its consolidated six-month profit for the half-year ended June, 2021 at Rs29.11 billion compared to earnings of Rs15.79 billion in the same period of the preceding year.

Its profit for the April-June quarter amounted to Rs14.3 billion, a year-on-year increase of 46.1% compared with Rs9.79 billion in the same three-month period of the previous year.

The company's board of directors also recommended cash dividend of Rs7 per share, which was in addition to the dividend of Rs12 per share announced previously.

In April, the board approved an amount of up to $31.4 million towards conducting engineering, design, and technical studies including a Front End Engineering Design (FEED) study in relation to the PDH-PP Project.

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