A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited.

The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday.

“This is with reference to the PAI made by 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 dated February 26, 2024 published in Business Recorder and Nawa-i-Waqt on February 28, 2024 to acquire approximately 68.89% shareholding of Engro Powergen Qadirpur Limited (target company).

“Addendum to the PAI published on May 17, 2024 and the extension in the timeline for public announcement of offer issued on August 23 2024, subject to receipt of regulatory and other approvals,” read the notice.

AHL said it “would like to intimate that the time period for making the public announcement of offer will lapse on November 24, 2024 (expiry date)”.

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Regulations, 2017 read with the Securities Act 2015, we hereby give notice that as of the expiry date, the PAI stands withdrawn,” read the notice.

AHL shared that the process of withdrawal is being undertaken to ensure compliance with the law.

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EPQL is an independent power plant (IPP) that operates a 217 MW permeate gas-based plant in Qadirpur, Ghotki.

The plant is a combined cycle plant, with 1+1+1 configuration including one gas turbine, one heat recovery system generator (HRSG), and one steam turbine.

Engro Corporation through Engro Energy Limited holds a 68.9% stake in EPQL.

Liberty Mills Limited and Soorty Enterprises are involved in textile manufacturing.

Whereas, Affinity Capital Pvt Limited is part of the Master Group of Industries (MGI), a conglomerate with business interests in the textile, automobile, engineering and energy sectors.