Engro to invest in towers

KARACHI: Engro Corporation Limited has announced to invest in the tower infrastructure sector of the country.

In a statement to Pakistan Stock Exchange on Monday, the company’s secretary notified, “The board of directors of Engro Corporation Limited has authorised 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.”

The opportunity would remain subject to certain conditions, including inter alia further due diligence, finalisation and execution of definitive documents as well as receipt of all regulatory consents and approvals, the notice added.

Engro is a leading Pakistani company that has invested in a diverse portfolio of businesses across the verticals of energy and related infrastructure, agricultural outputs, petrochemicals, and telecommunication infrastructure over 50 years.

Last month, TPL REIT Management Company Limited (TPL RMC) said that it along with TASC Towers Holding (TASC) had formed a consortium, and announced that they had submitted a firm bid for acquisition of the telecom tower infrastructure company owning and managing around 10,500 operating towers in Pakistan through an Infra REIT.