ATS intends to acquire 56.19pc stakes in Engro Polymer

KARACHI: The ATS Group has expressed intention to acquire 56.19 percent shareholding in Engro Corporation’s subsidiary Engro Polymer and Chemicals Limited, a statement said Tuesday.
Engro Corporation has disclosed that the ATS Synthetic (Private Limited) led consortium expressed intention to acquire 372.809 million ordinary shares constituting 56.19 percent of the total issued and paid up capital of Engro Corp’s subsidiary Engro Polymer and Chemicals Limited. The acquirer consortium includes ATS Synthetic, Nimir Chemicals Pakistan Limited, and Nisar Spinning Mills, all owned by one family.
Engro Corp holds 56.19 percent stakes in Engro Polymer, International Finance Corporation owns 14.64 percent while 10.24 holding in the company is with Mitsubishi Corporation. Nadeem Nisar, Director of the acquirer company already possesses 1.18 percent shares of Engro Polymer.