Crescent Star Insurance Limited (PSX: CSIL) has withdrawn its intention to acquire an additional 38 percent stake and control of SG Power Limited after unsuccessful negotiations with the seller.
Intermarket Securities Limited, acting as Manager to the Offer on behalf of CSIL, submitted the formal withdrawal notice regarding the proposed acquisition of 38 percent of the issued and outstanding ordinary shares of SG Power Limited.
Due to the failure of negotiations, the proposed takeover was no longer feasible, the filing read.
Accordingly, Crescent Star Insurance has withdrawn its intention under Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
As required under Regulation 21(2), a formal withdrawal notice will be published in the Business Recorder (English) and Roznama Dunya (Urdu) on January 06, 2026.
CSIL is engaged in providing non-life general insurance services mainly in spheres of Fire and property damage, Marine, aviation and transport, Motor, Credit & suretyship, Accident & health and Miscellaneous.