Engro to inject Rs14bn in telecom infrastructure vertical

Engro Corporation said on Wednesday it will enhance its total equity investment in the telecom infrastructure vertical to Rs21.5 billion.

According to a regulatory filing on the Pakistan Stock Exchange, the holding company will make this investment in its wholly-owned subsidiary Engro Connect, which will serve as a platform for the conglomerate’s initiatives in the telecommunications sector.

Speaking to Dawn, a company spokesperson said the latest equity injection is Rs14bn, which comes on top of the Rs7.5bn investment announced in April 2019.

E-Connect will hold complete ownership of Engro Enfrashare, which is the country’s largest independent telecom tower firm in terms of active towers.