Consortium withdraws PAI to acquire 68.89% in Engro Powergen

MG News | November 22, 2024 at 11:58 AM GMT+05:00

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November 22, 2024 (MLN): The consortium involving textile giants has withdrawn its Public Announcement of Intention (PAI) to acquire approximately 68.89% of the shareholding in Engro Powergen Qadirpur Limited (PSX: EPQL).

The acquirers include Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik.

The withdrawal notice was issued by Arif Habib Limited (AHL), the Manager of the Offer, to the PSX today.

It is worth noting that the PAI was published on May 17, 2024, and an extension for the Public Announcement of Offer was issued until November 24, 2024, on August 23, 2024, subject to the receipt of regulatory and other approvals.

"In this backdrop, and pursuant to Regulation 21(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 ("Regulations") read with the Securities Act 2015, we hereby give notice that as of the Expiry Date, the PAI stands withdrawn," the notice reads.

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