Expansion: Engro Polymer signs $35m financing facility

KARACHI: Engro Polymer and Chemicals Limited announced it is availing $35 million financing from International Finance Corporation (IFC) for expansion of its production plant of PVC - a chemical used in making numerous plastic products and construction materials like water and sewerage pipes, cables, etc.

“This financing was a part of the initial Rs10.3 billion expansion plan announced earlier, out of which Rs5.4 billion has already been raised from the issue of right shares,” according to a press statement on Thursday. Engro Polymer has been associated with IFC, a member of the World Bank Group, since its inception.

Engro Polymer announced investing Rs10.3 billion for expansion of the plants including those producing other related chemicals like VCM (raw material for PVC) and adding a new product to its portfolio namely caustic soda flakes. While expanding the business, Engro Polymer will add a new PVC plant with a capacity of 100,000 tons (taking total capacity to 295,000 ton per annum).

Published in The Express Tribune, November 9^th, 2018.

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