Consortium withdraws bid to acquire majority stake in Engro Powergen Qadirpur – Markets

A consortium including textile companies has withdrawn its public statement of intent (PAI) to acquire a majority stake, i.e. 68.89%, to Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited.

The development was announced by Arif Habib Limited (AHL), appointed as manager for the offering, in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“This relates to the PAI compiled by Liberty Mills Limited, Zain Ashraf Muqati, Temoor Ashraf Muqati, Ahmed Ashraf Muqati, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik and Shahzad Malik dated 26th February. , 2024, published in Business registrar And Nawa-e-Waqt On February 28, 2024, acquire approximately 68.89% stake in Engro Powergen Qadirpur Limited (target company).

“An amendment to the PAI issued on May 17, 2024 and an extension of the public announcement date for the offering issued on August 23, 2024, subject to receipt of regulatory and other approvals,” the notice said.

The AHL said it “would like to advise that the deadline for public announcement of the offer will expire on November 24, 2024 (the expiration date).”

“It is against this backdrop and in accordance with Regulation 21(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 read with the Securities Act 2015 that we hereby notify that as of the date of expiry of the PAI remains valid. removed,” the message says.

The AHL said the withdrawal process is being carried out to ensure compliance with the law.

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EPQL is an independent power plant (IPP) that operates a 217 MW permeate-fired power plant at Kadirpur, Ghotki.

The power plant is a 1+1+1 combined cycle power plant comprising one gas turbine, one heat recovery system generator (HRSG) and one steam turbine.

Engro Corporation, through Engro Energy Limited, owns 68.9% of EPQL shares.

Liberty Mills Limited and Soorty Enterprises are engaged in textile manufacturing.

Whereas, Affinity Capital Pvt Limited is part of Master Group of Industries (MGI), a conglomerate with business interests in textile, automobile, engineering and energy industries.