Liberty Power Holding, Soorty Enterprises, and Procon Engineering have withdrawn their public announcement of intention (PAI) to acquire a 68.89 percent stake in Engro Powergen Qadirpur Limited (PSX: EPQL).
The decision comes after the termination of the share purchase agreement due to a material breach by Engro Energy Limited, the current owner of the stake, manager to the offer, Arif Habib Limited (AHL), informed the main bourse earlier today.
AHL said that the acquirers are withdrawing the PAI in accordance with Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The initial acquisition plan was announced on December 3, 2024, and published in Business Recorder and Nawa-i-Waqt on December 5, 2024.
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