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]
 | |
| Formerly | Engro Asahi Polymer Chemical Limited (1997–2006) |
|---|---|
| Company type | Public |
| PSX: EPCL KSE 100 component | |
| Industry | Chemical |
| Founded | 1997 |
| Headquarters | Harbour Front Building, Clifton, Karachi-75600, Pakistan |
Key people | Abdul Qayoom (CEO) |
| Revenue |  Rs. 81.270 billion (US$280 million) (2023) |
| Rs. 18.294 billion (US$63 million) (2023) | |
| Rs. 9.230 billion (US$32 million) (2023) | |
| Total assets |  Rs. 90.598 billion (US$310 million) (2023) |
| Total equity | Rs. 28.592 billion (US$99 million) (2023) |
| Owner | Engro Corporation (56.19%)[1] Mitsubishi Corporation (11%)[2] Nadeem Nisar Danka (10%) |
Number of employees | 596 (2023) |
| Parent | Engro Corporation |
| Subsidiaries | Think Pvc Engro Plastisizer Engro Peroxide |
| Website | engropolymer |
| Footnotes / references Financials as of 31 December 2023[update] [3] | |
Background
editEngro 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
edit- ^ Hussain, Dilawar (30 November 2015). "Engro shedding its loss-making business". dawn.com. Dawn. Retrieved 30 April 2020.
- ^ "Engro Polymer target of acquisition". dawn.com. Dawn. 25 November 2015.
- ^ "Engro Polymer & Chemical Limited Annual Report 2023" (PDF). Retrieved 18 May 2024.
- ^ "Engro Polymers & Chemicals Limited". brecorder.com. Business Recorder. 16 January 2019. Retrieved 18 October 2024.
- ^ "Engro Polymer and Chemicals Limited". brecorder.com. Business Recorder. 25 June 2021. Retrieved 6 August 2021.
- ^ 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.
- ^ a b c d e "Pakistan: Engro announces PVC venture". meed.com. MEED. 26 July 1996. Retrieved 18 October 2024.
- ^ a b c "Engro signs joint venture for PVC plant". meed.com. MEED. 7 November 1997. Retrieved 18 October 2024.
- ^ a b "Engro Asahi Polymer and Chemicals Limited". ifc.org. The International Finance Corporation (IFC). 2007. Retrieved 18 October 2024.
- ^ a b "Engro Polymer & Chemicals Limited". brecorder.com. Business Recorder. 24 December 2018. Retrieved 18 October 2024.
- ^ "Karachi Stocks - Live Engro Polymer (EPCL)". khistocks.com. Business Recorder. Retrieved 18 October 2024.