EnGro Corporation Limited (S44.SI)

Pakistan's Engro Corp gets in-principle board approval for restructuring

The boards of Pakistan's largest conglomerate, Engro Corporation, and its largest shareholder have approved in principle a restructuring plan, the company said on Monday. The South Asian nation is embarking on a tricky path to economic recovery following the completion of a nine-month $3 billion International Monetary Fund bailout approved in July, averting a sovereign debt default. "The Proposed Restructuring would allow the capital at play within the Engro system to be more productive, especially in a challenging macroeconomic environment which currently does not appear conducive for large scale projects," the company said in a notice to the stock exchange.