KARACHI: A consortium of textile companies has formally withdrawn its public announcement of intention (PAI) to acquire a 68.89% majority stake in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited.
The announcement was made by Arif Habib Limited (AHL), the manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday.
The consortium, comprising Liberty Mills Limited, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited (a Master Group subsidiary), and individual investors, had initially expressed interest in February 2024. The PAI was extended twice, in May and August, to accommodate regulatory approvals. However, the offer period expired on November 24, 2024, prompting its withdrawal in compliance with legal requirements.
Engro Powergen Qadirpur operates a 217MW permeate gas-based combined cycle power plant in Ghotki, featuring one gas turbine, one heat recovery steam generator, and one steam turbine. Engro Corporation, through Engro Energy Limited, retains its 68.89% majority stake in the independent power producer.
The withdrawal concludes the consortium’s months-long acquisition process, leaving Engro Powergen Qadirpur’s ownership structure unchanged.
