Engro to Sell 29% Stakes in Elengy Terminal Pakistan

According to the notice filed to the bourse, Engro Corporation has finalized the terms to sale 29 percent of its stake including entire issued and paid-up share capital of Elengy Terminal Pakistan Limited (ETPL) to Vopak for $38 million. Engro Corporation said: The statement continued: Furthermore, Engro said consummation of the proposed transaction in terms of the SPA would be subject to procuring inter-alia applicable regulatory and corporate consents. Engro Vopak Terminal Limited is a joint venture of Royal Vopak of The Netherlands and Engro Corporation Limited. It has resulted in continuing provision of world-class service to the growing chemical and petrochemical industry of Pakistan since 1997. Elengy Terminal Pakistan Limited operates a terminal for storage, handling, regasification, treatment, and processing of liquefied natural gas (LNG), re-gasified liquefied natural gas (RLNG), liquefied petroleum gas (LPG).