Artistic Milliners withdraws from acquisition of Dawood Lawrencepur's subsidiary

MG News | September 09, 2024 at 10:28 AM GMT+05:00

0:00

September 09, 2024 (MLN): Artistic Milliners (Private) Limited has decided not to proceed with the acquisition of Dawood Lawrencepur Limited (PSX: DLL)'s subsidiary, Tenaga Generasi Limited.

According to a notice issued by DLL to the PSX today, the conditions required to complete the transaction could not be met within the time stipulated in the Share Purchase Agreement.

"Despite the company's best efforts to proceed with the transaction, the buyer has opted not to move forward," the notice concludes.

To recall, the Competition Commission of Pakistan (CCP) approved the acquisition of 100% shareholding of Tenaga Generasi Limited (TGL) by Artistic Milliners on June 11, 2024.

Tenaga Generasi Limited, a Malaysian company, was incorporated in Pakistan in 2004 to set up a 50 MW wind power plant.

In January 2008, the company decided to exit Pakistan, and TGL was acquired by DLL, which held a 75% stake in TGL, with the remaining shareholding held by the International Finance Corporation (IFC), a member of the World Bank Group.

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