Crescent Star Insurance Limited has withdrawn its public announcement of intention to acquire an additional 38% of SG Power Limited’s issued and outstanding ordinary shares and take control, according to a notice submitted to Pakistan Stock Exchange and Securities and Exchange Commission of Pakistan.
Intermarket Securities Limited, acting as manager to offer, told regulators the transaction was no longer feasible after negotiations with seller did not succeed, and said withdrawal is being made under Regulation 21(1)(b) of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
Intermarket also said a withdrawal notice will be published on January 6, 2026, as required under Regulation 21(2).
In a separate development disclosed earlier, boards of Crescent Star Insurance and SG Power held emergent meetings on December 24, 2025 and approved, in principle, a proposed joint venture in digital and virtual asset-related activities through Crescent Star Technologies (Private) Limited, a wholly owned subsidiary of Crescent Star Insurance.
Under that proposed structure, SG Power was expected to acquire a 51% equity stake in Crescent Star Technologies, subject to regulatory and other approvals, while SG Power also approved, in principle and subject to shareholder approval, changes to its principal line of business and an increase in authorised share capital to Rs10 billion in phases.
