Engro Corporation Limited, one of Pakistan’s largest conglomerates, on Monday rejected ‘false information’ suggesting that the company is considering closing its operations in the country.
“In response to recent false information circulating on social media regarding Engro ceasing its operations in Pakistan, we wish to clarify that the same lacks any factual basis, is unfounded and we outrightly reject the assertion,” said Engro in a statement issued on social media platform X, formerly known as Twitter.
The company said it remains steadfast in its endeavours to ensure prosperity for Pakistan and its people through businesses that help solve some of the country’s most pressing issues.
Reports indicate said the statement comes after Engro Corporation, back in August, announced to sale of its thermal assets.
“This development led to a presumption that the company is shutting down its entire operations in Pakistan,” an analyst told Business Recorder.
Earlier this year, Engro entered into an in-principle understanding with a potential acquirer to sell its select thermal energy assets.
Back in October, the company informed it is looking to form a “strategic equity partnership” with Liberty Power Tech Limited, concerning its thermal energy assets.
“Engro Corporation Limited has now entered into discussions with Liberty Power Tech Limited for the execution of a scheme of arrangement with the objective of forming a strategic equity partnership in relation to its thermal asset portfolio held through Engro Energy Limited,” the company said in a notice back then.
Engro’s thermal asset portfolio comprises Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited and Sindh Engro Coal Mining Company Limited.
Engro Corporation is one of the largest conglomerates in the country with a business portfolio spanning across four verticals including food and agriculture, energy and related infrastructure, petrochemicals, and telecommunication infrastructure.