Dutch company FrieslandCampina Pakistan BV (FC Pakistan) has completed its acquisition of a majority stake in Engro Foods at an estimated price of $446.81 million and the company is expected to bring in expertise and introduce new products.
The Netherlands-based dairy company has acquired 51% stake at Rs120 ($1.14) per share in Engro Foods. It acquired 47.1% (or 361.29 million shares) from Engro Corporation, the parent company of Engro Foods, and another 3.9% (or 29.66 million shares) from general public, Faiz Chapra, Company Secretary, said in a notification to the Pakistan Stock Exchange.
Chairman of Engro Foods Board of Directors, Samad Dawood, said in the notification, “Not only was Engro Foods able to achieve its vision of elevating consumer delight and wellbeing by adding nourishment to the food market but the company was able to enhance the lives of 12 million consumers through its utmost sincerity and motivation each and every day.
“This is only the beginning of a better and brighter future for our organisation and this novel partnership with the Royal FrieslandCampina Group will not only bring growth and prosperity for all of us but will also tell a story about Engro’s commitment to growth and creating a broad-based impact for now and generations to come.”
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