Engro sows seeds of market revival

摘要

Engro Corporation completed Pakistan's largest private sector ECM financing last week, setting a positive tone for other corporate issuers ahead of an expected upgrade of the country to emerging market status. Last Tuesday, Pakistani conglomerate Engro sold a Rsl9.3bn (US$185m) block in engro fertilizers, Pakistan's second-biggest fertiliser maker. The offer of 295m shares, representing a 22% stake, was marketed at a discount of up to 5%. The final price was set at Rs65.47, the maximum 5% discount to the pre-deal close of Rs68.91.