Baqar HussainForeign and local investors have shown interest in purchasing the bulk shares of the Pakistan’s completely-incorporated Chlor- Substance and Vinyl compound complex Engro Polymer, business officials said.
An official told the five curious buyers offer Rs10.57 to Rs11.05/share for getting 340 million shares of the Engro Polymer and Chemical Ltd (EPCL).
The majority stockholder of EPCL, Engro Corp, in a notice issued to all the three stock exchanges of Pakistan, supported the possible selloff of the shares of EPCL.
“The counselors have got some very preliminary curiosity about investing in EPolymer. We are going to keep the exchanges notified if and when any substantial occasion occurs.”
The sector official said one Faisalabad-based substance player, which will be the biggest fabric substance exporter to India, a Lahore-based firm, which will be leader of artificial leather production in the united states, as well as the biggest industrial giant and business tycoon revealed enthusiastic interest in obtaining the EPCL.
The official said two Chinese companies trying to find investment chances in the united states as the task on China and are also interested to begin their company in Pakistan -Pakistan Economic Hallway began using the full swing.
International PVC costs rose throughout the 2nd quarter of 2015, but, rise in ethylene costs was much more significant, which shrank the PVC-ethylene core delta.
The unusual rise in ethylene costs was due to provide tightness caused by regional ethylene cracker turn arounds that kept the PVC gross profits curbed through the quarter.
Whereas caustic borders remained under pressure, good and consistent PVC national demand continued in the 2nd quarter 2015 as international PVC costs stayed steady and customers failed to run into international PVC cost volatility.
High energy costs in national market adversely impacted gross profits of products of the business, the report said.
It said 27 percent in the first half increased to 30 June. 16 percent grew from 68 kilo tons in exactly the same interval 2014 to 79 kilo tons in Jan-June 2015.
The company made 80 kilo tons of VCM to fulfill with its demands of PVC material that was raw.
Caustic soda marketplace remained constant during the first half as well as the business sold 46 kilo tons of caustic soda in the area marketplace, just like the past year.
The firm made 52 kilo tons of caustic soda through the first half 2015 compared to 56 kilo tons in exactly the same period last year primarily as a result of operational problems experienced in the Chlor Alkali plant.
Five percent import duty on ethylene and EDC marred the firm’s fiscal performance and pushed up raw material price.
The organization anticipates local interest in PVC to stay that of caustic and powerful to be secure.
As regional ethylene plant turn around season comes to a conclusion, ethylene costs are likely to decrease, that may enhance international PVC – ethylene center delta.
Syed Zaki Hussain
