15th September, 2012: The Board of Directors of Dawood Hercules Corporation Limited (DH Corp.) in their meeting of 15 September, 2012 approved the execution of a Memorandum of Understanding by and between DH Corp. and Pakarab Fertilizers Limited. As per the terms of the MoU, DH Corp. intends to sell and Pakarab intends to purchase DH Corp’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.