Dawood Hercules Corporation Limited agreed to Spin-Off DH Partners Limited on May 6, 2024. Dawood Hercules Corporation Limited proposed to Engro Corporation Limited a restructuring option, for evaluation. Dawood Hercules Corporation Limited will be demerged into two legal entities whereby all assets and liabilities of DH Corp (other than its investment in Engro Corp) will be carved out into a new company, which will ultimately be held by current shareholders of DH Corp and following such carveout, DH Corp will only be holding investment in Engro Corp, and (ii) shares in Engro Corp held by the shareholders of Engro Corp (other than DH Corp) will vest into DH Corp in exchange whereof such shareholders will be issued shares of DH Corp in the same proportion in which they hold shares of Engro Corp, which means that such shareholders will have the same proportionate economic shareholding in Engro Corp indirectly through DH Corp.

Consequently, Engro Corp will become a wholly owned subsidiary of DH Corp (the ?Proposed Restructuring?). Given the resulting ownership structure, and the fact that the majority of DH Corp?s capital flows are tied to Engro Corp, the management of DH Corp has also proposed that DH Corp be rebranded to ?Engro Holdings Limited.? The Board of Dawood hercules has provided an in-principal approval.

The scheme is subject to Regulatory, shareholders, and court approvals. As of May 17, 2024, Dawood Hercules Corporation Limited board has approved the scheme. As of May 30, 2024, the extra general meeting scheduled for June 26, 2024.