Engro Corporation Limited (PSX: ENGRO) has entered into discussions with Liberty Power Tech Limited to form a strategic equity partnership in its thermal asset portfolio held through Engro Energy Limited, the company informed the Pakistan Stock Exchange on Tuesday.
“Further to the aforementioned details, this is to update the shareholders that Engro Corporation Limited (the “Company”) has now entered into discussions with Liberty Power Tech Limited for the execution of a scheme of arrangement with the objective of forming a strategic equity partnership in relation to its thermal asset portfolio held through Engro Energy Limited (the “Proposed Arrangement”),” the filing stated.
The thermal asset portfolio comprises Engro Powergen Qadirpur Limited, Engro Powergen Thar (Private) Limited, and Sindh Engro Coal Mining Company Limited. The consummation of the Proposed Arrangement remains subject to successful negotiations, execution of definitive documents, and receipt of regulatory and third-party approvals and consents.
The company’s ongoing efforts to streamline and optimize capital and resource allocation include the restructuring of thermal assets.
At the time of filing, ENGRO’s scrip at the bourse was Rs. 283, up 3.90 percent or Rs. 10.62 with a turnover of 1,641,742 shares on Tuesday.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan