Dawood Lawrencepur Limited has announced its decision to sell its 75% stake in Tenaga Generasi Limited (TGL), consisting of 227,027,613 shares, to Artistic Milliners (Pvt) Ltd.
The decision was disclosed to the Pakistan Stock Exchange in line with the requirements of the Securities Act, 2015, and the Exchange’s Rule Book.
The sale is part of a Share Purchase Agreement (SPA) with Artistic Milliners, which is still subject to approval from Dawood Lawrencepur’s shareholders and relevant regulatory bodies.
Earlier on January 16, Kot Addu Power Company (KAPCO) placed a bid to acquire an equity stake in Tenaga Generasi Limited, which owns a 49.5 MW wind power project located in Sindh.
Following the recent announcement, the company has ended the Closed Period traditionally observed before such significant transactions.
Dawood Lawrencepur Limited has informed the PSX to update Trading Right Entitlement Certificate Holders accordingly. Further details about the transaction will be shared upon the finalisation of shareholder and regulatory approvals.
IFC holds 25% share of TGL; aren’t they exercising tag along right?