Pakistan’s Engro completes landmark block

Engro sold shares in its fertilizers subsidiary and raised $185 million in Pakistan’s largest ever block trade by a private company.

Pakistani food-to-energy conglomerate Engro Corp raised PRs19.3 billion $185 million on Tuesday by selling more than a quarter of its shareholding in Engro Fertilizers in the country’s biggest-ever block trade by a private company.

In a coup for Pakistan, Engro Corp's sale of shares in its Karachi-listed subsidiary provides further proof that foreign investor interest in the relatively illiquid frontier market is growing and potentially blazes a trail for more offerings.

“This is a relatively small deal from a regional perspective but it is a very important transaction for Pakistan’s equity capital markets,” a source familiar with the situation told FinanceAsia.

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