Islamabad, Apr 3, 2025: Liberty Power Holding, Soorty Enterprises, and Procon Engineering have decided to retract their public announcement of intent (PAI) to acquire a 68.89% ownership in Engro Powergen Qadirpur Limited (PSX: EPQL).
This move follows the termination of the share purchase agreement due to a significant breach by Engro Energy Limited, the current stakeholder and the managing party of the transaction, as notified by the offer manager, Arif Habib Limited (AHL), to the Pakistan Stock Exchange (PSX) today.
Read More: Coal Imports Drop to 3-Year Low
According to AHL, the acquirers are withdrawing their PAI in compliance with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The company is a subsidiary of Engro Energy Limited, which is a wholly owned subsidiary of Engro Corporation Limited. The company was established with the primary objective of undertaking the business of power generation and sale.
The original acquisition announcement was made on December 3, 2024, and appeared in Business Recorder and Nawa-i-Waqt on December 5, 2024.
Read More: IMF Team to Start Visit from Tomorrow on Budget Preparations
