Taxus Baccata

by | Mar 15, 2018 | Taxus Baccata

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

History

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]

In 2008, Engro Polymer was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 18.[11][12]

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

  1. ^ Hussain, Dilawar (November 30, 2015). "Engro shedding its loss-making business". DAWN.COM.
  2. ^ Correspondent, Our Equities (November 25, 2015). "Engro Polymer target of acquisition". DAWN.COM.
  3. ^ "Engro Polymer & Chemical Limited Annual Report 2023" (PDF). Retrieved 18 May 2024.
  4. ^ "Engro Polymers & Chemicals Limited". January 16, 2019.
  5. ^ "Engro Polymer and Chemicals Limited". Business Recorder. 25 June 2021. Retrieved 6 August 2021.
  6. ^ a b "Engro Polymer, Tianchen China sign contract to set up plant". The News International.
  7. ^ a b c d e "PAKISTAN: Engro announces PVC venture".
  8. ^ a b c "PAKISTAN: Engro signs joint venture for PVC plant".
  9. ^ a b "Engro Polymer & Chemicals".
  10. ^ a b "Engro Polymer".
  11. ^ "Engro Polymer".
  12. ^ "Engro Polymer IPO" (PDF).
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