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Dhunseri Petrochem signs SPA with ECHEM

Dhunseri Petrochem (DPL) has entered into a Share Purchase Agreement (SPA) on May 20, 2018 with Egyptian Petrochemicals Holding Company (ECHEM) for the purchase of its 23% stake of their joint venture company - Egyptian Indian Polyester Company S.A.E (EIPET) in 7 tranches. Accordingly, the company is purchasing 43,700 equity shares of EIPET from ECHEM at par value in the first and second tranche and the payment for the first and second tranche has been made. The remaining shares would be purchased by the company, the last tranche being in the year 2023 in accordance with the terms and conditions of the SPA.

DPL cultivates, processes and markets tea, and manufactures petrochemicals. The company produces polyethylene terephthalate (PET) resin.

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