Karachi: In a significant development, a consortium consisting of Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited has retracted its public announcement of intention to acquire a substantial 68.89% stake in Engro Powergen Qadirpur Limited. This decision follows a material breach by Engro Energy Limited, the seller in the proposed transaction.

The initial intention to acquire the shares was publicly announced on December 3, 2024, and subsequently published in Business Recorder and Nawa-i-Waqt on December 5, 2024. However, due to the cited breach of terms, the acquirers have terminated their share purchase agreement with Engro Energy Limited. Consequently, they have withdrawn their Public Announcement of Intention (PAI) to proceed with the acquisition.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal of the PAI aligns with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. This regulation mandates the withdrawal process in scenarios of contractual breaches. The decision has been conveyed by Arif Habib Limited, acting as the Manager to the Offer on behalf of the acquirers.

The acquirers’ withdrawal notice will be published in Business Recorder and Nawa-i-Waqt on April 4, 2025, as per the procedural requirements stipulated under the regulations and the Securities Act 2015. This development marks a pivotal moment in the transaction, impacting the designated market category involving substantial acquisitions and takeovers.