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Engro Corporation Limited, one of Pakistan’s largest business conglomerates, is set to pursue a potential investment opportunity in the country's tower infrastructure sector after its board gave its go-ahead, a notice to the Pakistan Stock Exchange (PSX) showed on Monday.

“The Board of Directors of Engro Corporation Limited has authorized the company to pursue (directly or indirectly, through one or more of its group companies) a potential investment opportunity in the tower infrastructure sector in Pakistan,” read the notice.

The company said that the investment opportunity “remains subject to certain conditions, including inter alia further due diligence, finalization and execution of definitive documents as well as receipt of all regulatory consents and approvals”.

Last year in September, the company announced to inject an equity of Rs21.5 billion in its wholly-owned subsidiary, Engro Connect (private limited), which will be utilised to fuel expansion in the Build-to-Suite (BTS) tower business of Enfrashare (Private) Limited,

As per Engro’s latest financials for the nine months that ended September 30, 2022, the company’s consolidated Profit After Tax stood at Rs30.7 billion against Rs40.5 billion in the same period of the previous year.

At the time of this report, Engro's share price was hovering around Rs264.99 after starting the day at Rs265.74.

Last month, Pakistan's TPL REIT Management Company Ltd (RMC) along with TASC Towers, a UAE-based mobile telecom tower operator, submitted a firm bid for the acquisition of Telecom Tower Infrastructure Company, which owns and manages around 10,500 operating towers in Pakistan through an infrastructure real estate investment trust (REIT).

TPL RMC, a wholly-owned subsidiary of TPL Properties Limited, said that the proposed acquisition is being supported by one of the largest national financial institutions, which is providing debt structuring advisory and arrangement services.

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