Engro Fertilizers listed on KSE

Engro Fertilizers Limited (EFert) was listed at Karachi Stock Exchange (KSE) here on Friday. The listing ceremony was held at KSE’s trading hall. The ceremony began with the ringing of Gong that makes formal commencing of trading and listing of EFert. Muhammad Aliuddin Ansari, Chairman EFert, ringed the bell. Senior persons from finance and industry sectors, members of Board of Directors along with senior management of KSE were present on the occasion. 

According to a document released by KSE, EFert has set up a modern 1.3 million tones per annum urea fertilizer plant, based on gas to be supplied by SNGPL, which as per the applicable fertilizer policy was to be supplied at a concessionary price of US $0.70 for a period of 10 years, as an incentive for the huge investment that was required. 

They said that due to the gas shortage, SNGPL was not able to fulfil its obligations. EFert had been pressing the government to ensure that these incentives are provided. “We understand that a summary was taken up and approved by the ECC of the cabinet on last Thursday in which the incentives were granted to EFert,” they added. 

Copyright Business Recorder, 2014

Leave a Reply

Your email address will not be published. Required fields are marked *