The Board of Directors of Engro Holdings Limited has appointed Abdul Samad Dawood as the new Chief Executive Officer (CEO) of the company, effective January 3, 2025. He replaces Mohammad Shamoon Chaudry, whose tenure as CEO concluded on the same day. In a notice issued to the Pakistan Stock Exchange (PSX), the company expressed its gratitude to Mohammad Shamoon Chaudry for his invaluable contributions during his time as CEO.
In addition to the leadership change, Engro Holdings Limited has finalized details regarding stock price adjustments following the implementation of the Scheme of Arrangement approved by the Islamabad High Court. The court’s order, issued on July 18, 2024, came into effect on January 1, 2025, and involves the restructuring of Engro Holdings Limited, Engro Corporation Limited (Engro Corp), and DH Partners Limited (DHPL).
The company had previously shared indicative timelines and preliminary computations for the ex-price of Engro Holdings Limited shares and the opening price of DHPL shares in a communication dated December 11, 2024. The finalized details, effective January 6, 2025, are as follows:
- Ex-Price of Engro Holdings Limited Shares: The shares of Engro Holdings Limited will open on the PSX at a revised ex-price of Rs216.29.
- Opening Price of DHPL Shares: DHPL shares, allocated to Engro Holdings Limited shareholders under the Scheme, will debut on the PSX at an opening price of Rs58.99.
The computations for these adjustments are based on the following data:
- Closing Price Per Share of Engro Holdings on January 3, 2025: Rs275.28
- Closing Price Per Share of Engro Corp on January 3, 2025: Rs485.38
- Ratio of Engro Holdings Shares to Engro Corp Shares under the Scheme: 2.24407865
- Ex-Price of Engro Holdings Shares (January 6, 2025): Rs216.29 (calculated as Rs485.38 ÷ 2.24407865)
- Opening Price of DHPL Shares: Rs58.99 (calculated as Rs275.28 – Rs216.29)
The restructuring marks a significant milestone for Engro Holdings Limited and its shareholders, as the company continues to implement its strategic initiatives.
