The Pakistani company Engro Corporation (ENGRO) has entered into an agreement to sell thermal power assets to Liberty Power Holding (Pvt.) Limited. This is reported in the press release of ENGRO.
Engro Energy Limited (EEL), a subsidiary of ENGRO, has completed negotiations to transfer all shares in three key assets to Liberty Power Holding (Pvt.) Limited, which is a subsidiary of Liberty Mills Limited.
The shares being sold include 68.9% in Engro Powergen Qadirpur Limited (EPQL); 50.1% in Engro Powergen Thar (Private) Limited (EPTL) and 11.9% in Sindh Engro Coal Mining Company Limited (SECMC).
The total value of the transaction is 35 billion rupees ($420 million).
The transaction is expected to be completed 6-9 months after the signing of the agreement, subject to regulatory approval and compliance with the usual closing conditions.
The transaction is a key milestone for ENGRO in terms of further growth and diversification of its asset portfolio.
ENGRO is a Pakistani conglomerate headquartered in Karachi (Pakistan). The company is engaged in the production of fertilizers (nitrogen, phosphorus, mixed fertilizers and zinc sulfate). Through its subsidiaries, ENGRO also works in the field of transshipment and storage of chemical products, production and marketing of PVC resins, industrial control and automation, production of dairy products and electricity
Liberty Power Limited is a Pakistani electricity generation, transmission and distribution company in the northern Sindh region of Pakistan. Liberty became the first independent energy company to transport and process natural gas to reduce fuel import costs and provide the government with tax revenues. Liberty Power is a subsidiary of Liberty Mills Limited.
Liberty Mills Limited is a Pakistani textile manufacturing company. The company adheres to the principles of sustainable development and has taken a number of steps towards decarbonization and the use of renewable energy sources.
More news is on the Telegram channel "Mergers and Acquisitions. AK&M»
