KARACHI: A consortium led by Liberty Power Holding has officially withdrawn its intention to acquire a 63.89% stake in Engro Powergen Qadirpur Limited, citing commercial considerations.
In a notice filed with the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) on Thursday, Arif Habib Limited confirmed the termination in accordance with Regulation 21 of the Listed Companies Takeover Regulations, 2017. A formal public withdrawal notice will be issued on April 4.
The consortium, which included Arif Habib Corporation, Pakistan Engineering Company, Security Investment Bank, and Insoon Engineering, initially expressed interest in the acquisition through a Public Announcement of Intention (PAI) in December 2023.
The withdrawal follows the termination of the share purchase agreement by the acquiring parties.
Engro Powergen Qadirpur Limited, a subsidiary of Engro Energy Limited (itself wholly owned by Engro Corporation), is a publicly listed entity focused on power generation and sales in Pakistan.
