Karachi: Crescent Star Insurance Limited has announced its decision to withdraw its previously declared intention to acquire an additional 38% of the issued and outstanding ordinary shares and control of S.G. Power Limited. This decision was formalized on January 5, 2026, following unsuccessful negotiations with the seller, rendering the proposed takeover unfeasible.

The initial Public Announcement of Intention (PAI) by Crescent Star Insurance, which aimed at acquiring further shares and control of S.G. Power Limited, was made public through publications in the Business Recorder and Roznama Dunya newspapers on August 15, 2025. Crescent Star Insurance, through its Manager to the Offer, Intermarket Securities Limited, had been actively pursuing this takeover until the negotiations reached an impasse.

According to information available from the Pakistan Stock Exchange (PSX), the withdrawal aligns with Regulation 21(1)(6) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. A formal notice of this withdrawal is set to be published in the aforementioned newspapers on January 6, 2026, in compliance with Regulation 21(2) of the same regulations.

The decision to retract the acquisition bid is significant within the designated market category, as it impacts the corporate strategies and future planning of Crescent Star Insurance and its targeted expansion in the energy sector through S.G. Power Limited.