Engro Fertilizer Shuts Down Base Plant

Engro Fertilizers Limited (PSX: EFERT) has announced an “unscheduled maintenance” of its base plant on May 8, Monday. In a stock filing, the company said its base plant was shut down for unscheduled maintenance last night. “The Company has commenced necessary maintenance activities and the duration will be based on the extent of the repairs required,” it stated. EFERT will keep the bourse and stakeholders posted on the situation as it develops. EFERT is a major player in Pakistan’s fertilizer industry that has a significant impact on the agricultural sector. Saturday’s unforeseen shutdown of the company’s base plant has raised concerns about fertilizer supply and the impact on agriculture. The plant closure may cause problems in the domestic fertilizer offtake as farmers look for gains to offset losses from last year’s devastating flash floods. At the time of filing, EFERT’s scrip at the bourse was Rs. 85.95, down by 1.21 percent or Rs. 1.05 with a turnover of 285,657 shares on Tuesday.