Consortium to Buy 69% Stake in Engro Powergen

Engro Powergen Qadirpur Limited (PSX: EPQL) has received a notice from a consortium of Liberty Mills Limited, Soorty Enterprise (Private) Limited, and Affinity Capital through Master Group of Industries, to acquire 68.89 percent of its equity.

A stock filing at the main bourse said EPQL has received firm intention through Arif Habib Limited (Manager to the Offer) for acquiring control of 223 million voting shares (68.89 percent) of the Company, beyond the thresholds prescribed under Section 111 of the Act. This intention has been notified to the Board of Directors of the Target Company on February 26, 2024.

The latest offer is in addition to 15.56 percent or 50.3 million shares to be purchased under the public offer.

Intended acquisition through  Number of shares  Percentage
Share Purchase Agreement  223,050,000*  68.89% 
Public offer  50,375,000  15.56%


EPQL is an independent power producer that operates a 217 MW permeate gas-based plant in Qadirpur. Engro Corporation (PSX: ENGRO) through Rngro Energy Limited holds a 68.9 percent stake in EPQL.

EPQL has a book value of Rs. 15 billion (Rs. 46/ share) as of September 2023. According to JS Global, the transaction size of 223 million shares at current prices will cost Rs. 7 billion ($325 million).

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