Karachi, Engro Energy Limited, a subsidiary of Engro Corporation Limited, has finalized a Share Purchase Agreement (SPA) with Liberty Power Holding (Pvt.) Limited and a consortium, selling its significant thermal energy assets. This decision is part of Engro’s strategic move to realign its capital and resource distribution.

According to Engro Corporation Limited, the agreement encompasses Engro Energy’s sale of three major shareholdings: 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 transaction values for these assets are PKR 21.04 billion for EPTL, PKR 6.21 billion for SECMC, and PKR 7.5 billion for EPQL, with the final amounts subject to adjustments as per the definitive agreements. The completion of this sale is contingent upon obtaining necessary corporate, regulatory approvals, and consents from lenders.

Engro has been a significant player in Pakistan’s energy sector since 2008, contributing to national energy solutions and economic growth. Its ventures in energy, particularly in utilizing flare gas, mining coal in Thar, and establishing power plants, have been notable for their efficiency, reliability, and adherence to global safety and environmental standards. These projects have notably impacted the lives of 9 million people annually and facilitated substantial economic benefits.

Ghias Khan, President and CEO of Engro Corporation, expressed pride in Engro’s energy contributions and emphasized the importance of portfolio optimization for addressing critical societal challenges. The SPA with Liberty is viewed as a pathway to future growth and innovation.

Muhammad Ashraf Mukaty, Chairman of Liberty Group and President of Liberty Power Holding, highlighted the significance of this acquisition, marking it as a continuation of their long-standing engagement with the Thar Dream project and a step towards further strategic growth and development in Pakistan.