Karachi – Engro Corporation Holdings (ENGROH) ne officially announce kiya hai ke Deodar (Pvt.) Ltd. – jo ke Jazz ka tower business hai – aur Engro Connect (jo ENGROH ki wholly-owned subsidiary hai) ka merger Islamabad High Court ne approve kar diya hai, effective 3rd June 2025 se. Iss deal ke liye tamam approvals Competition Commission of Pakistan (CCP) aur Pakistan Telecommunication Authority (PTA) se mil chuki hain.
Deal Ki Tafseelat
Yeh mega merger ENGROH ki taraf se US$563 million (PKR 156 billion) ka total acquisition cost show karta hai. Isme:
- US$375 million ka Deodar ka existing qarz shamil hai
- Aur US$188 million additional cash payment ki gayi hai PMCL (Jazz) ko
Iss hisaab se per tower cost US$53,000 (~PKR 14.9 million) banti hai, jabke naye tower banane ka estimated cost US$60–75k (~PKR 17–21 million) per tower hota hai.
Yani ENGROH ne kaafi competitive rate par yeh asset hasil kiya hai.
Long-Term Partnership Aur Network Expansion
Is merger ke baad bhi Jazz (PMCL) Deodar ke infrastructure ko lease par lena jari rakhega under a long-term partnership. December 2024 tak Engro Connect ke paas 4,215 towers thay jinka tenancy ratio 1.26x tha. Merger ke baad ENGROH ka tower network barh kar ~15,000 towers tak pohanch jayega. Haan, tenancy growth thori slow ho sakti hai lekin network ka size kaafi bara ho chuka hai.
Munafa Mein Tabdili Ka Imkaan
Analysts ka kehna hai ke yeh expansion Engro Connect ki profitability mein zabardast izafa karega. Estimate ke mutabiq yeh deal ENGROH ke earnings mein:
- PKR 3.2/sh ka izafa karegi CY25F mein
- Aur PKR 8.1/sh ka izafa karegi CY26F mein
Yeh yaad rahe ke telecom segment ne CY24 mein PKR 144 million ka loss dikhaya tha (LPS: PKR 0.1) aur CY23 mein PKR 1.8 billion ka loss (LPS: PKR 1.5). Ab yeh scenario positive direction mein ja raha hai.
Future Outlook
Brokerage house ne apni report mein ENGROH par ‘BUY’ stance maintain kiya hai with a Dec 2025 Target Price of PKR 301/share. Analysts ka maanna hai ke:
- Telecom tower expansion
- Fertilizer business mein behtari
- Aur interest rates mein expected decline
yeh sab mil kar ENGROH ke future prospects ko kaafi strong bana rahe hain.
Yeh article aik leading brokerage house ki fresh research report se tayar kiya gaya hai jisme ENGROH aur Jazz tower business merger ke financial impact aur outlook ka detailed analysis diya gaya hai.
Article by Ms. Kiran, Co-Editor
