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Pakistan’s conglomerate Engro Corporation Limited (Engro) has entered into an in-principle understanding with a potential acquirer to sell its select thermal energy assets.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“Engro Corporation Limited has entered into an in-principle understanding with a potential acquirer for the proposed divestment of the company’s select thermal energy assets held through its wholly owned subsidiary, Engro Energy Limited, by way of a scheme of arrangement,” read the notice.

The company said the consummation of the proposed transaction is subject to detailed due diligence, execution of definitive documents and receipt of regulatory and third-party approvals and consents.

A day ago, the company shared that its board has authorised the company for the restructuring and/or reorganization of its thermal energy assets under a separate wholly-owned holding company.

The restructuring of thermal assets is part of Engro’s ongoing efforts to streamline and optimise capital and resource allocation, it said in a filing to the bourse on Wednesday.

As per Engro’s latest financial results, the company posted a Profit After Tax (PAT) of Rs21.47 billion for the half-year ended June 30, 2023, an increase of 28% as compared to Rs16.8 billion recorded in the same period of the previous year.

The profit translates into Earnings Per Share (EPS) of Rs19.12 in 1HCY23, in comparison to an EPS of Rs12.87 recorded in the same period last year.

The “earnings are according to industry expectations,” said Topline Securities in its note.

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