Karachi, September 14, 2012 (PPI-OT): We write with reference to the meeting of the Board of Directors of Dawood Hercules Corporation Limited (DAWH) duly convened on 15 September, 2012.
We hereby inform you that the Board of Directors of DHCL in their meeting of 15 September, 2012 approved the execution of a Memorandum of Understanding (“MOU”) by and between DHCL and Pakarab Fertilizers Limited (“Pakarab”). As per the terms of the MOU, DHCL intends to sell and Pakarab intends to purchase DHCL’s entire shareholding (100,000,000 ordinary shares of Rs. 10 each) in DH Fertilizers Limited. The consummation of the transaction is subject to execution of definitive agreements and such approvals as may be required to give effect to the sale.
For more information, contact:
Dawood Hercules Corporation Limited
11th Floor, Dawood Centre, M.T. Khan Road,
Karachi, 75530, Pakistan
Tel: (+92-21) 35686001
Fax: (+92-21) 35693416