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Engro Polymer

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Engro Polymer & Chemical
FormerlyEngro Asahi Polymer Chemical Limited (1997–2006)
Company typePublic
PSXEPCL
KSE 100 component
IndustryChemical
Founded1997; 27 years ago (1997)
HeadquartersHarbour Front Building, Clifton, Karachi-75600, Pakistan
Key people
Abdul Qayoom (CEO)
RevenueDecrease Rs. 81.270 billion (US$280 million) (2023)
Decrease Rs. 18.294 billion (US$63 million) (2023)
Decrease Rs. 9.230 billion (US$32 million) (2023)
Total assetsIncrease Rs. 90.598 billion (US$310 million) (2023)
Total equityIncrease Rs. 28.592 billion (US$99 million) (2023)
OwnerEngro Corporation (56.19%)[1]
Mitsubishi Corporation (11%)[2]
Nadeem Nisar Danka (10%)
Number of employees
596 (2023)
ParentEngro Corporation
SubsidiariesThink Pvc
Engro Plastisizer
Engro Peroxide
Websiteengropolymer.com
Footnotes / references
Financials as of 31 December 2023 [3]

Engro Polymer & Chemical Limited (EPCL) (Urdu: اینگرو پولیمر) is a Pakistani polymer manufacturing company based in Karachi, Pakistan.[4] It is a subsidiary of Engro Corporation with a local market share of more than 70%.[5][6]

Background

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Engro Polymer & Chemicals was founded in 1997 as part of Engro Chemical Pakistan.[7]

In November 1997, the company entered into a joint venture agreement with Mitsubishi Corporation and Asahi Glass Company to build a polyvinyl chloride (PVC) manufacturing plant.[7] The $80 million project was financed with $37 million in equity and $39 million in long-term debt.[8] Engro contributed 50 percent of the equity ($18.5 million), Asahi 30 percent ($11.1 million), and Mitsubishi 20 percent ($7.4 million).[8] Foreign currency debt of $28.5 million came from the International Finance Corporation and CDC, while local currency debt of $10.5 million and working capital of $4 million were provided by various Pakistani and international banks.[8] The facility was constructed at Port Qasim, in close proximity to the city of Karachi.[7] The plant was engineered to produce 100,000 tonnes of suspension grade PVC resin per year.[7] The production of PVC at the facility began in 1999.[7]

In 2006, Engro Polymer commissioned a chlor vinyl complex, allowing for in-house production of intermediaries such as vinyl chloride monomer with a capacity of 204,000 tpa and chlorine with a capacity of 94,200 tpa.[9] The expansion project cost approximately $250 million, which included $30 million loan and $20 million equity investment from the International Finance Corporation.[9] It increased its PVC production capacity to 150,000 tons.[10] In the same year, the company was renamed to Engro Polymer & Chemicals Limited after Engro Corporation acquired Asahi Glass stake.[10]

Since 2008, Engro Polymer is listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 18.[11]

In August 2018, Engro Polymer announced that the company would set up a new plant to expand the production of PVC and caustic soda. Along with an efficiency project such as de-super heating quenches at EDC/VCM plant.[6]

References

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  1. ^ Hussain, Dilawar (30 November 2015). "Engro shedding its loss-making business". dawn.com. Dawn. Retrieved 30 April 2020.
  2. ^ "Engro Polymer target of acquisition". dawn.com. Dawn. 25 November 2015.
  3. ^ "Engro Polymer & Chemical Limited Annual Report 2023" (PDF). Retrieved 18 May 2024.
  4. ^ "Engro Polymers & Chemicals Limited". brecorder.com. Business Recorder. 16 January 2019. Retrieved 18 October 2024.
  5. ^ "Engro Polymer and Chemicals Limited". brecorder.com. Business Recorder. 25 June 2021. Retrieved 6 August 2021.
  6. ^ a b "Engro Polymer, Tianchen China sign contract to set up plant". thenews.com.pk. The News International. 28 August 2018. Retrieved 24 August 2019.
  7. ^ a b c d e "Pakistan: Engro announces PVC venture". meed.com. MEED. 26 July 1996. Retrieved 18 October 2024.
  8. ^ a b c "Engro signs joint venture for PVC plant". meed.com. MEED. 7 November 1997. Retrieved 18 October 2024.
  9. ^ a b "Engro Asahi Polymer and Chemicals Limited". ifc.org. The International Finance Corporation (IFC). 2007. Retrieved 18 October 2024.
  10. ^ a b "Engro Polymer & Chemicals Limited". brecorder.com. Business Recorder. 24 December 2018. Retrieved 18 October 2024.
  11. ^ "Karachi Stocks - Live Engro Polymer (EPCL)". khistocks.com. Business Recorder. Retrieved 18 October 2024.