Karachi (Web Desk): Dutch company Friesland Campina Pakistan BV (FC Pakistan) has finally taken over a majority stake in Engro Foods at an estimated price of $446.81 million.
The Netherlands-based dairy company has acquired 51% stake at Rs120 ($1.14) per share in Engro Foods. It acquired 47.1% (or 361.29 million shares) from Engro Corporation, the parent company of Engro Foods, and another 3.9% (or 29.66 million shares) from general public, Faiz Chapra, Company Secretary, said in a notification to the Pakistan Stock Exchange.
Engro Foods’ share price fell 1.05%, or Rs1.82, and closed at Rs170.03 with a volume of 1.34 million shares at the exchange on Monday. Engro Corporation’s share price increased 0.81%, or Rs2.53, and closed at Rs311.08 with a volume of 555,100 shares.
Chairman of Engro Foods Board of Directors, Samad Dawood, said in the notification, “Not only was Engro Foods able to achieve its vision of elevating consumer delight and wellbeing by adding nourishment to the food market but the company was able to enhance the lives of 12 million consumers through its utmost sincerity and motivation each and every day.