KARACHI: In order to sell its portfolio of thermal energy assets, Engro Energy Ltd. (EEL), a wholly owned subsidiary of Engro Corporation Ltd., has signed into a share purchase agreement (SPA) with Liberty Power Holding (Pvt) Ltd. and a consortium.
Liberty Mills Ltd., Soorty Enterprises, and Procon Engineering are members of the consortium via Master Group of Industries. As part of its continuous efforts to optimize the allocation of money and resources, Engro is selling thermal assets.
Engro Energy’s full 68.9 percent stock in Engro Powergen Qadirpur Ltd (EPQL), 50.1 percent shareholder in Engro Powergen Thar (Pvt) Ltd (EPTL), and 11.9 percent shareholding in Sindh Engro Coal Mining Company Ltd (SECMC) have been sold, according to a press statement.
Subject to certain modifications as specified in the definitive agreements, the transaction values of each of EEL’s shareholdings are as follows: EPTL: Rs21.04 billion, SECMC: Rs6.21 billion, and EPQL: Rs7.5 billion. The transaction can only go forward if all of the terms are met, which include getting lender clearance and corporate/regulatory permission.
In 2008, Engro ventured into the energy sector by founding Engro Powergen Qadirpur Ltd, a power asset that employed flare gas to assist in resolving Pakistan’s unparalleled energy crisis. The Group has established two 330 MW EPTL power plants and discovered Thar coal, among other noteworthy accomplishments in the energy industry, including further Mine expansions under SECMC. When it comes to efficiency, dependability, and compliance with international safety and environmental requirements, these energy assets are regularly rated among the best. Since its founding, Engro Energy has enabled net import substitution of almost $1.5 billion and helped illuminate 9 million lives annually through its initiatives.
