A consortium led by Liberty Power Holding on Thursday withdrew its intention to acquire a 63.89% stake in Engro Powergen Qadirpur Limited, citing commercial reasons.
In a notice submitted to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange on Thursday, Arif Habib Limited confirmed the termination in compliance with Regulation 21 of the Listed Companies Takeover Regulations, 2017.
A formal withdrawal notice is scheduled for publication on April 4.
The public announcement of intention (PAI), initially made in December 2023, had been published in local newspapers.
The withdrawal comes after the termination of the share purchase agreement by the acquirers, which included Arif Habib Corporation, Pakistan Engineering Company, Security Investment Bank, and Insoon Engineering.
Engro Powergen Qadirpur Limited is a publicly listed company, incorporated in Pakistan, under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017).
The company is a subsidiary of Engro Energy Limited, which is a wholly owned subsidiary of Engro Corporation Limited. The company was established with the primary objective of undertaking the business of power generation and sale.