Karachi April 4 2024: Engro Corporation agreed to sold its thermal power assets for PKR 34.75 billion to Liberty Power Holding, according to company filing to the exchange.
The Transaction value of each of EEL’s shareholdings is: (1) EPQL: PKR 7.5 billion (2) EPTL: PKR 21.04 billion and (3) SECMC: PKR 6.21 billion, in each case, subject to certain adjustments as agreed in the definitive agreements.
Completion of the Transaction is subject to conditions as agreed in the definitive agreements, including receipt of corporate / regulatory approvals and lender consents.
Engro Energy Limited (“EEL”), a wholly owned subsidiary of Engro Corporation Limited, has entered into definitive agreements with Liberty Power Holding (Pvt.) Limited (wholly owned subsidiary of Liberty Mills Limited) and other parties acting in concert for the sale of its entire: (a) 68.9% shareholding in Engro Powergen Qadirpur Limited (“EPQL”), (b) 50.1% shareholding in Engro Powergen Thar (Private) Limited (“EPTL”), and (c) 11.9% shareholding in Sindh Engro Coal Mining Company Limited (“SECMC”)
