Dawood Hercules Corporation Ltd will invest more than Rs5.3 billion in its affiliated enterprises over the long term.
Monday’s extraordinary general meeting of shareholders approved a resolution permitting investments in publicly traded shares of four firms at prices quoted on the Pakistan Stock Exchange.
The holding firm chaired by notable businessman Hussain Dawood invests in a number of subsidiaries and affiliated enterprises, including Engro Corporation Ltd.
At the end of 2021, the general public, including both domestic and foreign investors, held more than 58 percent of Dawood Hercules Corporation’s shares.
The holding firm will invest two billion rupees in Engro Fertilisers Ltd, two billion rupees in Engro Polymer and Chemicals Ltd, three hundred fifty million rupees in Engro Powergen Qadirpur Ltd, and one billion rupees in Frieslandcampina Engro Pakistan Ltd. The validity of the resolution is five years.
Separately, the shareholders authorised the company to dispose of its entire shareholding in its wholly-owned subsidiary Empiric AI Ltd to technology company Avanceon Ltd in exchange for a 5.68pc shareholding in Octopus Digital Ltd, a subsidiary of Avanceon Ltd engaged in data storage, online monitoring and review of employee efficiency, cost and production efficiency, and plant and equipment maintenance.