Karachi: In a significant development within the Pakistan stock market, Arif Habib Limited announced the withdrawal of a public announcement of intention to acquire the majority of shares in Engro Powergen Qadirpur Limited. The withdrawal notice, published on April 4, 2025, follows an earlier declaration made by Arif Habib Limited on April 3, 2025, as the manager to the offer representing Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited.

This notice was issued in compliance with Regulation 21(2)(a) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. The acquisition would have involved 68.89% of the ordinary shares of Engro Powergen Qadirpur Limited, currently held by Engro Energy Limited.

The public announcement of the withdrawal was released in on 4 April 2025's editions of Business Recorder and Nawa-i-Waqt, ensuring that relevant stakeholders are informed about the decision. The notice specifies that Arif Habib Limited acted in its capacity as the manager to the offer on behalf of the aforementioned acquirers.

According to information available from the Pakistan Stock Exchange (PSX), the acquisition move was initially intended to consolidate a significant portion of the shares in the designated market category of the energy sector. The withdrawal of this acquisition intention marks a notable event for investors and analysts monitoring substantial acquisitions and takeovers within Pakistan's stock market.

For further details or clarification, stakeholders have been advised to reach out to the undersigned as mentioned in the public notice. Copies of the newspaper publications have been enclosed for reference, providing additional context to the withdrawal.