Engro Corporation signs agreement with Al Safa Halal to purchase its halal food business

Karachi –– Engro Corporation Limited (ENGRO) Tuesday said it has signed an agreement with Al Safa Halal to purchase its halal food business in USA and Canada. The business will be managed by Engro Foods Limited a 100% owned subsidiary of ENGRO.

In a communication to Karachi Stock Exchange, ENGRO said this acquisition is subject to obtaining requisite regulatory approvals and Closing of the agreement with the sellers. The business based in USA & Canada deals in supplying a variety of packaged Halal foods across North America. The Company will be setting up companies based in USA & Canada to acquire and operate the business. It is expected that the cost of acquisition of business, inventories, and brand building would initially be in range of USD 10-15 million.

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