KARACHI: Dawood Her­cules Corporation Ltd is going to make long-term investments of more than Rs5.3 billion in its associated companies.

Shareholders passed a resolution in their extraordinary general meeting on Monday to allow the investments in the publicly traded shares of four companies at prices quoted on the Pakistan Stock Exchange.

The holding company chaired by prominent businessman Hussain Dawood serves as a vehicle for equity investments in a number of subsidiaries and associated companies, including Engro Corporation Ltd.

The general public, inclu­ding local and foreign investors, controlled more than 58 per cent shareholding in Dawood Hercules Corpora­tion at the end of 2021.

The holding company will invest Rs2 billion in Engro Fertilisers Ltd, Rs2bn in Engro Polymer and Chemi­cals Ltd, Rs350 million in Engro Powergen Qadirpur Ltd and Rs1bn in Fries­landcampina Engro Pakis­tan Ltd. The resolution will remain valid for five years.

Separately, the shareholders also authorised the company to dispose of its entre shareholding in its wholly owned subsidiary Empiric AI Ltd to technology firm Avanceon Ltd against a 5.68pc shareholding in Octo­pus Digital Ltd, a subsidiary of Avanceon Ltd involved in data storage, online monitoring and review of employee efficiency, cost and production efficiency and maintenance of plant and machinery.

Published in Dawn, November 22nd, 2022

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.