Engro Energy Limited (EEL), the parent company of Engro Powergen Qadirpur Limited (EPQL), has officially denied any breach of contract and terminated the share purchase agreement (SPA) for EPQL following the acquirer’s withdrawal.
In a notice to the Pakistan Stock Exchange (PSX), EEL addressed the termination of the SPA signed with Liberty Power Holdings Limited and its consortium—Liberty Mills Limited, Soorty Enterprises, and Procon Engineering via Master Group of Industries—for the sale of EEL’s 68.9% shareholding in EPQL.
The acquirers had initially issued a public announcement of intention on December 3, 2024, but later withdrew it on April 3, 2025, citing an alleged material breach by EEL.
EEL, however, strongly refuted these claims, stating the alleged breach—related to EPQL’s amendment agreement with the Government of Pakistan and CPPA-G—was both “baseless and unfounded.” EEL clarified that the agreement was executed in the national interest, and Liberty Power had full knowledge of the negotiations, having signed a similar agreement under the 2002 Power Policy.
“The termination by the acquirers is unjustified and wrongful,” said EEL, adding that as certain joint conditions precedent were not met by the long stop date of April 4, 2025, the company has exercised its right to terminate the SPA effective April 5, 2025.
EEL emphasized that the termination was carried out in accordance with its contractual rights under the SPA, marking the formal end of the transaction.
