Artistic Milliners (Private) Limited has decided not to buy Tenaga Generasi Limited (TGL) which owns a 49.5 MW wind power plant based in Sindh.
“The conditions required for completion of the transaction could not be met within the time stipulated in the Share Purchase Agreement. Despite the best efforts of the Company to proceed with the transaction, the buyer has decided not to proceed,” the stock filing stated.
Dawood Lawrencepur Limited (PSX: DLL) owns 227 million shares i.e. 75 percent of the outstanding paid-up capital of TGL including 5 shares held by directors of TGL.
The proposed sale was initially announced on February 12, 2024, and approved by the shareholders of DLL on May 29, 2024. DLL had entered into a Share Purchase Agreement with Artistic Milliners for the sale of Tenaga Generasi Ltd.
As of today, the agreement stands void.
DLL manages investment in its subsidiaries and associated companies and is engaged in the business of trading and marketing of renewable energy solutions, mainly solar, to commercial and industrial consumers, along with the legacy textile business.
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