Change in Acquiring Entities for Engro Powergen Qadirpur Limited’s 68.89% Equity

Engro Powergen Qadirpur Limited (PSX: EPQL) has announced a change in the entities seeking to acquire 68.89 percent of its equity. The update was conveyed by Arif Habib Limited, the manager to the offer, in a statement to the main bourse on Wednesday.

Arif Habib Limited, in an addendum to the Public Announcement of Intention, disclosed the new acquiring entities. The initial interested parties, Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises Private Limited, Affinity Capital Private Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik, have been replaced by Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited.

The statement from Arif Habib Limited read, “We hereby submit the Addendum on behalf of Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited (hereinafter referred to as the ‘New Acquirers’) for the acquisition of up to 68.89% shares of the Target Company.”

Engro Powergen Qadirpur Limited is an independent power producer operating a 217 MW permeate gas-based plant located in Qadirpur. Engro Corporation (PSX: ENGRO), through its subsidiary Engro Energy Limited, currently holds a 68.89 percent stake in EPQL.

This strategic shift in the acquiring entities marks a significant development in the energy sector, highlighting the ongoing interest and investment in Pakistan’s power generation industry.