Royal Vopak has successfully acquired 29pc shares in Elengy Terminal Pakistan Ltd. (ETPL). According to a press statement, Engro Corporation has sold 24 percent and World Bank’s International Finance Corporation (IFC) has sold 5 percent shares in ETPL to Vopak LNG Holding B V, leaving Vopak with a 29 percent equity holding in ETPL. The total foreign direct investment from this deal is expected to be around $31.4 million dollars.
This deal would take the foreign direct investment generated by Engro over the last three years to $550m.
Engro also observed that the Vopak and IFC had separately agreed that the remainder of latter’s shares would be acquired by Vopak, pending certain regulatory consents and approvals. After completion of the transaction, Engro will own 56pc shares in ETPL and Royal Vopak 44pc.
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