Engro Energy terminates Liberty Power asset deal over unmet conditions

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By MG News | April 07, 2025 at 08:55 AM GMT+05:00

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April 07, 2025 (MLN): Engro Energy Limited (EEL) has officially terminated its share purchase agreements (SPAs) with Liberty Power Holdings Limited and other parties acting in concert, following the acquirers' withdrawal and failure to meet agreed conditions by the long stop date of April 4, 2025. 

The aforesaid information was shared by Engro Holdings Limited (PSX: ENGROH) through a notification to Exchange on Monday. 

The termination pertains to the proposed divestment of EEL’s entire 68.9% stake in Engro Powergen Qadirpur Limited (EPQL), 50.1% in Engro Powergen Thar (Private) Limited (EPTL), and 11.9% in Sindh Engro Coal Mining Company Limited (SECMC). The SPAs were originally signed on April 4, 2024.

In a notice dated April 2, 2025, the Acquirers purported to terminate the agreements, alleging a material breach by EEL under the EPQL SPA — a claim EEL has strongly denied.

According to EEL, the breach allegation regarding EPQL’s amendment agreement with the Government of Pakistan and CPPA-G is “baseless and unfounded,” emphasizing that the agreement was executed in the national interest and with full knowledge of Liberty, which had itself entered into a similar arrangement.

EEL further asserted that the termination of the EPQL SPA does not render the EPTL and SECMC agreements null and void, as claimed by the Acquirers.

Nevertheless, due to the non-fulfillment of joint conditions precedent by the April 4 deadline, EEL has independently exercised its right to terminate all SPAs effective April 5, 2025.

The company reserves its legal rights and remedies in light of what it deems an unjustified termination by the Acquirers.

Copyright Mettis Link News

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