Engro's subsidiary seals stakes sale deals for EPQL, Engro Powergen Thar & Sindh Engro

By MG News | Category Equity | April 04, 2024 at 01:24 PM GMT+05:00

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April 04, 2024 (MLN): Engro Energy Limited (EEL) has entered into definitive agreements with Liberty Power Holding (Pvt.) Limited and other parties acting in concert for the sale of its entire stake in Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) and Sindh Engro Coal Mining Company Limited.

The information was disclosed by Engro Corporation Limited (PSX: ENGRO), the parent company of EEL.

Accordingly, EEL will sell its entire stakeholding of 68.9% in Engro Powergen Qadirpur Limited (EPQL), 50.1% in Engro Powergen Thar (Private) Limited and 11.9% in Sindh Engro Coal Mining Company Limited (SECMC).

The transaction value for EPQL, EPTL and SECMC will be Rs7.5 billion, Rs21.04bn and Rs6.21bn, respectively, subject to certain adjustments as agreed in the definitive agreements.

"In case of any further material developments, the company shall keep the Exchange informed accordingly," the notice concludes.

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