Crescent Star backs out of SG Power acquisition

MG News | January 05, 2026 at 03:46 PM GMT+05:00

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January 05, 2026 (MLN): Crescent Star Insurance Limited has withdrawn its plan to acquire an additional 38% stake and management control of S.G. Power Limited (PSX: SGPL), ending the proposed takeover process.

The intended acquisition was initially made public in August 2025 through notices published in national English and Urdu newspapers.

The move aimed at increasing Crescent Star’s shareholding and securing control of the power company, according to the company’s filing on PSX revealed today.

The withdrawal follows unsuccessful negotiations with the prospective seller, making continuation of the transaction impractical.

As a result, the acquirer has stepped back from pursuing the additional stake in S.G. Power Limited.

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