EPQL's 68.89% stake to be acquired by textile consortium, CCP approves
MG News | July 30, 2024 at 12:30 PM GMT+05:00
July 30, 2024 (MLN): The Competition Commission of Pakistan (CCP) has approved a merger involving a significant reshuffling of power generation assets, involving a consortium, mainly comprising textile companies, acquiring a 68.89% stake in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited.
EPQL operates a 217 MW permeate gas-based plant in Qadirpur, Ghotki. Engro Corporation, a key player in Pakistan's energy sector, holds a 68.89% stake through Engro Energy Limited.
As per the transaction, Engro Energy has entered a share purchase agreement with a consortium of M/s Liberty Power Holding (Pvt) Ltd, M/s Soorty Enterprises (Pvt) Ltd, and Procon Engineering (Pvt) Ltd.
Liberty Power Holding focuses on managing power generation companies within the Liberty Group, Soorty Enterprises specializes in denim manufacturing and sales, and Procon Engineering manufactures automotive parts, non-woven fabrics, and foam products.
The CCP’s Phase I competition assessment identified ‘Power Generation’ as the relevant market. The analysis confirmed that EPQL’s market share is minimal. It will remain unchanged post-transaction and will not lead to market dominance.
CCP anticipates this approval will enhance resource allocation efficiency in Pakistan's power generation sector, fostering a long term competitive environment.
Chairman CCP, Dr. Kabir Ahmed Sidhu, reiterated that the CCP's role is to facilitate both domestic businesses and foreign investors.
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