Islamabad, Sep 9: The 49.5 MW Sindh-based wind power facility owned by Tenaga Generasi Limited (TGL) has not been purchased by Artistic Milliners (Private) Limited.
“The Share Purchase Agreement’s deadline for meeting the requirements needed to complete the transaction could not be met. The buyer has chosen not to move forward with the transaction, despite the Company’s best efforts to move forward with it, according to the stock filing.
75% of TGL’s outstanding paid-up capital, or 227 million shares, are owned by Dawood Lawrencepur Limited (PSX: DLL), which also holds 5 shares held by TGL’s directors.
On February 12, 2024, the planned transaction was initially made public. On May 29, 2024, DLL’s shareholders approved it. For the sale of Tenaga Generasi Ltd., DLL and Artistic Milliners have a share purchase agreement in place.
Currently, the agreement is null and invalid.
In addition to managing investments in its affiliated businesses and subsidiaries, DLL is also involved in the trading and marketing of renewable energy solutions, primarily solar, to commercial and industrial clients. It also maintains a historical textile business.
