October 31, 2023 (MLN): Engro Corporation Limited (PSX: ENGRO) has now entered into discussions with Liberty Power Tech Limited for the execution of a scheme of arrangement to form a strategic equity partnership in relation to its thermal asset portfolio held through Engro Energy Limited, the company's filing on PSX showed today.
The thermal asset portfolio comprises Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited and Sindh Engro Coal Mining Company Limited.
The consummation of the Proposed Arrangement remains subject to successful negotiations, execution of definitive documents and receipt of regulatory and third-party approvals and consents.
Earlier on September 28, 2023, Engro entered into an in-principle understanding with a potential acquirer for the proposed divestment of its select thermal energy assets by way of a scheme of arrangement.
The consummation of the transaction is subject to detailed due diligence, execution of definitive documents, and receipt of regulatory and third-party approvals and consents.
