Engro Corporation (PSX: ENGRO) has announced its decision to sell its wholly owned subsidiary, Engro Eximp Agriproducts (Private) Limited, to MAP Rice Mills (Private) Limited, an affiliate of the Bestway Group. The transaction, valued at PKR 2.4 billion, will be conducted on a debt-free and cash-free basis.

In a filing to the Pakistan Stock Exchange, Engro Corporation confirmed the execution of a Share Purchase Agreement (SPA) with MAP Rice Mills. The completion of the transaction is contingent upon meeting certain conditions outlined in the SPA, including obtaining corporate and regulatory approvals.

Engro Holdings Limited received formal communication of this decision from Engro Corporation in a letter dated January 28, 2025.