Dawood Lawrencepur Limited’s proposed sale of its subsidiary, Tenaga Generasi Limited (TGL), to Artistic Milliners (Private) Limited has fallen through, according to a company’s filing at the Pakistan Stock Exchange (PSX) on Monday.
The deal, first announced in February 2024 and approved by shareholders at the company’s Annual General Meeting in May, was subject to several conditions outlined in the Share Purchase Agreement. Despite the best efforts by Dawood Lawrencepur to fulfill the requirements, the buyer, Artistic Milliners, has opted not to proceed with the transaction.
“The conditions required for completion of the transaction could not be met within the time stipulated in the Share Purchase Agreement. Despite the best efforts of the Company to proceed with the transaction, the buyer has decided not to proceed,” read the notice sent by Dawood Lawrencepur to the PSX.
This marks the termination of a sale that was expected to divest TGL from Dawood Lawrencepur’s portfolio. The company has informed PSX and the Trading Right Entitlement Certificate (TREC) holders accordingly.
In June, the Competition Commission of Pakistan (CCP) greenlit Artistic Milliners’s acquisition of Tenaga Generasi Limited.
Tenaga Generasi, a Malaysian company, was incorporated in Pakistan in 2004 for the purpose of setting up a 50MW Wind Power Plant. The company was allocated 1200 acres of inter-tidal land for setting up of the plant in KhutiKun area, District Gharo, Sindh.
NEPRA issued a Generation License to TGL with an initial validity of 20 years. Subsequently, in January 2008, the company decided to exit Pakistan and TGL was acquired by Dawood Lawrencepur Limited(DLL).
