Engro Corporation Limited has successfully finalized the sale of its wholly owned subsidiary, Engro Eximp Agriproducts (Private) Limited (EEAP), to MAP Rice Mills (Private) Limited for a total transaction value of Rs2.4 billion. This move aligns with Engro’s broader strategy to streamline its business portfolio and focus on core operations.
In a notice to the Pakistan Stock Exchange (PSX) on March 12, 2025, Engro Corporation confirmed that all corporate and regulatory approvals had been secured, officially completing the transaction. The sale, initially announced on January 28, 2025, was executed on a debt-free and cash-free basis.
Engro Corporation disclosed the completion of the divestment in compliance with Sections 96 and 131 of the Securities Act, 2015, and Rule 5.6.1 of the PSX Rule Book. The company assured stakeholders that all necessary legal and financial processes had been followed to ensure a seamless transition.
With this acquisition, MAP Rice Mills strengthens its position in the rice processing and export sector. EEAP has been a significant player in rice processing, and its integration into MAP Rice Mills’ portfolio is expected to enhance market competitiveness and operational efficiency.
Engro Corporation’s decision to divest EEAP marks a strategic realignment to concentrate on its key business segments. The successful transaction reflects confidence in Pakistan’s agribusiness sector and signals further consolidation in the rice processing industry. Moving forward, MAP Rice Mills is poised to leverage EEAP’s expertise to expand its footprint in domestic and international markets.
