Deal Sealed: Engro Energy Finalizes Sale of Thermal Assets

Staff Report

Engro Energy Limited (EEL) announced on Thursday that it has entered into definitive agreements with the Liberty Power consortium to sell its thermal assets amounting to Rs 34.75 billion.

EEL is a wholly-owned subsidiary of Engro Corporation Limited. Engro Corporation conveyed this information in a notice sent to the Pakistan Stock Exchange (PSX).

It stated that Engro Energy Limited (EEL), a wholly-owned subsidiary of Engro Corporation Limited, had signed definitive agreements with Liberty Power Holding (Pvt.) Limited (a wholly-owned subsidiary of Liberty Mills Limited) and other parties for the sale of its entire 68.9% shareholding in Engro Powergen Qadirpur Limited (EPQL).

It also entered into agreements to sell its 50.1% shareholding in Engro Powergen Thar (Private) Limited (EPTL) and 11.9% shareholding in Sindh Engro Coal Mining Company Limited (SECMC).

Engro also disclosed the transaction value of each of EEL’s shareholdings: EPQL amounts to Rs 7.5 billion, EPTL to Rs 21.04 billion, and SECMC to Rs 6.21 billion. Hubco Plans to Acquire Sindh Engro Coal Mining

The transaction is subject to certain adjustments and conditions as agreed upon in the agreements, including the receipt of corporate/regulatory approvals and lender consent.

Earlier, a consortium comprising textile companies had expressed a “firm intention” to purchase a majority stake, i.e., 68.89%, in Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited.