Calcorp proposes 100% acquisition of its renewable energy associate company

Calcorp Limited has proposed the acquisition of its associated company, Helios Resol Technology (Pvt.) Limited, pending approval from shareholders through a Special Resolution, according to a filing at the Pakistan Stock Exchange (PSX) on Friday. 

The decision was taken at a board meeting held on September 4 at 2:30 PM.

Under the proposed transaction, Calcorp will acquire 50,000 ordinary voting shares of Helios, representing 100% of its shareholding, at a total cost of Rs100,000, equivalent to Rs2 per share. 

Helios has not yet commenced business operations but is registered with the Special Economic Zone (SEZ) Authority and was allocated two acres of land in Bin Qasim Industrial Park – Special Economic Zone (BQIP-SEZ) in February 2025.

Helios plans to produce and assemble photovoltaic modules, battery systems, inverters, and other related components. 

The company has already made a first installment payment of Rs35 million to the SEZ Authority and recorded Capital Work In Progress of Rs1.7 million as of June 30, 2025. Once commercial operations begin, Helios will enjoy a 10-year tax-free status under SEZ regulations.

Calcorp stated that the date and venue for the Extraordinary General Meeting (EGM) will be announced in due course, and the Stock Exchange will be kept informed of any material developments regarding the acquisition.