Engro Energy sells thermal assets to Liberty Group consortium

Engro Energy Limited, a subsidiary of Engro Corporation Limited, has finalized a Share Purchase Agreement with Liberty Power Holding (Pvt.) Limited and a consortium for the sale of its thermal energy assets portfolio. The consortium comprises Liberty Mills Limited, Soorty Enterprises, and Procon Engineering through Master Group of Industries.

The sale of thermal assets is part of Engro's strategy to streamline capital and resource allocation. The Agreement includes the sale of Engro Energy's shareholdings in Engro Powergen Qadirpur Limited (EPQL), Engro Powergen Thar (Private) Limited (EPTL), and Sindh Engro Coal Mining Company Limited (SECMC).

The transaction values for each shareholding are: EPTL: PKR 21.04 billion, SECMC: PKR 6.21 billion, and EPQL: PKR 7.5 billion. The completion of the transaction is subject to regulatory approvals and lender consents.

Engro Energy ventured into the energy sector in 2008 with Engro Powergen Qadirpur Ltd, addressing Pakistan's energy crisis. The Group has achieved milestones in Thar coal exploration, SECMC mine expansions, and EPTL power plants. These assets meet global safety and environmental standards.

Engro Energy's projects illuminate 9 million lives annually and reduce import dependency by around USD 1.5 billion. Ghias Khan, President & CEO of Engro Corporation, emphasized the importance of optimizing the business portfolio to address critical issues. Muhammad Ashraf Mukaty, Chairman of Liberty Group, expressed excitement for future growth opportunities.

In conclusion, the sale of Engro Energy's thermal assets marks a strategic move to enhance focus on core objectives and drive sustainable growth in Pakistan's energy sector.