AVN 68.48 Increased By ▲ 1.38 (2.06%)
BAFL 31.00 No Change ▼ 0.00 (0%)
BOP 4.91 Increased By ▲ 0.01 (0.2%)
CNERGY 3.75 Decreased By ▼ -0.03 (-0.79%)
DFML 14.23 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.64 Decreased By ▼ -0.21 (-0.5%)
EPCL 45.37 Decreased By ▼ -1.20 (-2.58%)
FCCL 11.71 Increased By ▲ 0.02 (0.17%)
FFL 5.10 Increased By ▲ 0.03 (0.59%)
FLYNG 5.85 Increased By ▲ 0.05 (0.86%)
GGL 10.41 Decreased By ▼ -0.01 (-0.1%)
HUBC 68.50 Increased By ▲ 0.50 (0.74%)
HUMNL 5.75 Decreased By ▼ -0.01 (-0.17%)
KAPCO 28.22 Increased By ▲ 0.12 (0.43%)
KEL 2.26 Decreased By ▼ -0.03 (-1.31%)
LOTCHEM 25.10 Increased By ▲ 0.05 (0.2%)
MLCF 21.58 Decreased By ▼ -0.11 (-0.51%)
NETSOL 88.35 Increased By ▲ 2.35 (2.73%)
OGDC 99.30 Increased By ▲ 6.92 (7.49%)
PAEL 11.11 Increased By ▲ 0.02 (0.18%)
PIBTL 4.23 Decreased By ▼ -0.01 (-0.24%)
PPL 82.45 Increased By ▲ 2.30 (2.87%)
PRL 13.34 Decreased By ▼ -0.30 (-2.2%)
SILK 0.90 No Change ▼ 0.00 (0%)
SNGP 44.38 Increased By ▲ 0.91 (2.09%)
TELE 6.18 Increased By ▲ 0.22 (3.69%)
TPLP 15.81 Increased By ▲ 0.08 (0.51%)
TRG 119.75 Increased By ▲ 4.74 (4.12%)
UNITY 14.10 Increased By ▲ 0.25 (1.81%)
WTL 1.26 Increased By ▲ 0.10 (8.62%)
BR100 4,171 Increased By 47 (1.14%)
BR30 15,253 Increased By 323.5 (2.17%)
KSE100 41,523 Increased By 332 (0.81%)
KSE30 15,663 Increased By 168.9 (1.09%)
Follow us

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.

Comments

Comments are closed.

Engro Corp to pursue potential investment opportunity in tower infrastructure sector

Intra-day update: rupee down against US dollar

PM Shehbaz orders establishment of relief fund to aid Turkiye

Earthquake rescue work moves slowly in Turkiye, Syria as death toll passes 5,000

Intra-day update: KSE-100 Index up over 500 points

Debt reprofiling viable option for Pakistan under IMF watch: report

Islamabad court rejects Sheikh Rashid’s bail petition

IMF should work with Pakistan to protect the deprived: Human Rights Watch

Toshakhana case: Islamabad court defers Imran Khan's indictment

High-income earners directed to pay 50pc of super tax liability

Policy-level talks with IMF begin today