Islamabad, Nov 22: A consortium of business entities has retracted its Public Announcement of Intention (PAI) to acquire a 68.89% stake in Engro Powergen Qadirpur Limited (PSX: EPQL).
The group, comprising Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises, Affinity Capital, Najeeb Malik, Nadeem Malik, and Shahzad Malik, informed the Pakistan Stock Exchange (PSX) today that the PAI, initially announced on February 26, has been withdrawn.
Arif Habib Limited, the manager of the offer, stated that the public announcement of the offer would expire on November 24, 2024.
This move is being made to ensure legal compliance.
Engro Powergen Qadirpur Limited, an independent power producer, operates a 217 MW permeate gas-based plant in Qadirpur.
Engro Corporation, through Engro Energy Limited, holds a 68.9% stake in the company.
