May 15, 2024
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Subject: Disclosure Under Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017
Dear Sir / Madam,
Reference is being made to the announcement made by the Engro Powergen Qadirpur Limited (the "Company") on February 26, 2024 pursuant to the Public Announcement of Intention made by Arif Habib Limited, acting as Manager to the Offer on behalf of consortium of acquirers led by Liberty Mills Limited (the "Acquirers"). The Acquirers intend to acquire up to 68.89% shares of the Company.
Further to the above, Arif Habib Limited has circulated an Addendum to the Public Announcement of Intention dated May 15, 2024 whereby they have communicated a change in the acquiring entities from Liberty Mills Limited, Mr. Zain Ashraf Mukaty, Mr. Temoor Ashraf Mukaty, Mr. Ahmed Ashraf Mukaty, Soorty Enterprises (Private) Limited, Affinity Capital (Private) Limited, Mr. Najeeb Malik, Mr. Nadeem Malik and Mr. Shahzad Malik to
Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited.
In this regard, please find enclosed herewith the addendum to the Public Announcement of Intention circulated by Arif Habib Limited.
You are requested to disseminate the above information along with the enclosed letter to the TREC Holders of the Exchange.
Best Regards,
Saqib Rafique, ACA
Company Secretary
Encl: Addendum to Public announcement of Intention.
Copied: Director / HOD
Listed Companies Department, Supervision Division Securities and Exchange Commission of Pakistan, Islamabad.
LIBERTY POWER HOLDING (PRIVATE) LIMITED
SOORTY ENTERPRISES (PRIVATE) LIMITED
&
PROCON ENGINEERING (PRIVATE) LIMITED
Addendum to the Public Announcement of Intention to acquire 68.89% shares and control of
Engro Powergen Qadirpur Limited (the "Target Company")
This Addendum covers changes to the Public Announcement of Intention ("PAI") issued by Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises Pvt Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik, Shahzad Malik, on February 26, 2024 to acquire 68.89% shares and control of Engro Powergen Qadirpur Limited. Due to a change in the acquiring entities from Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises Private Limited, Affinity Capital Private Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik to Liberty Power Holding (Private) Limited, Soorty Enterprises (Private) Limited, and Procon Engineering (Private) Limited, we are reproducing the changes to the original PAI below. All other details including details of the Target remain unchanged.
Part-B
- Information about the acquirer
- Name(s) and address(es) of acquirer along with persons acting in concert, if any.
Company | Name | Address |
Liberty Power | A-51/A Site Karachi | |
Holding | Liberty Power Holding | |
(Private) | (Private) Limited (LML) | |
Limited | ||
Soorty | Soorty Enterprises (Pvt.) | 26-A, S.M.C.H.S, Off: Sh-e-Faisal, |
Enterprises | Karachi-74400, Pakistan | |
Limited | ||
(Pvt) Limited | ||
Master Group | Procon Engineering (Private) | Master House, 54 Darul Aman |
of Industries | Cooperative Housing Society, | |
Limited | ||
Shahrah e Faisal, Karachi | ||
- Name(s) of the ultimate acquirer or the ultimate controlling shareholder.
Company | S. No. | Name |
Liberty Power | 1 | |
Holding (Private) | Liberty Mills Limited | |
Limited |
2
Soorty | 1 | Mr. Shahid Rashid Soorty |
Enterprises (Pvt) | 2 | Mrs. Nargis Shahid Soorty |
Limited | 3 | Mr. Asad Shahid Soorty |
Master Group of | 1 | Mr. Nadeem Malik |
Industries | 2 | Mr. Najeeb Malik |
(Procon | 3 | Mr. Shahzad Malik |
Engineering | 4 | Najeeb Holdings (Pvt) Limited |
(Private) | 3 | N M Holding (Pvt) Limited |
Limited) |
- Principal areas of business of the acquirer and relevant experience
Liberty Power Holding (Private) Limited is wholly owned subsidiary of Liberty Mills Limited, a leading player in the textile industry, known for its commitment to quality and innovation. Liberty Power Holding (Private Limited) is a recently established company, the main purpose of which is to manage the portfolio of power generation companies within Liberty Group being the holding company.
Soorty Enterprises (Pvt) Limited has been involved in textile manufacturing and export for nearly - years and is a denim manufacturing powerhouse with a global, vertical integrated setup and a focus on design, innovation and sustainability.
Procon Engineering (Private) Limited is part of the Master Group of Industries (MGI), which is a family-owned business with the below individuals holding shareholding in all group companies either directly or through their holding companies:
- Mr. Nadeem Malik
- Mr. Najeeb Malik
- Mr. Shahzad Malik
MGI is a successful conglomerate which started business in 1963 in the foam industry, and has since expanded into the textile, automobile, engineering and energy sectors. Procon Engineering (Private) Limited is engaged in manufacturing of automotive parts and components.
- In case the acquirer is a fund/ company(s):
- Names of the chief executive and directors of the company(s);
` | |||
Company | Name | Designation | |
Liberty Power Holding | Mr. Muhammad Ashraf | Chief Executive | |
(Private) Limited | |||
Mr. Zain Ashraf Mukaty | Director | ||
Soorty Enterprises | Mr. Shahid Rashid | Chief Executive | |
(Pvt) Limited | Soorty | Officer/Director | |
Mrs. Nargis Shahid | Director | ||
Soorty | |||
Mr. Asad Shahid Soorty | Director | ||
Mr. Nadeem Malik | Chief Executive | ||
Master Group of Industries | Officer/Director | ||
(Procon Engineering (Private) | |||
Mr. Najeeb Malik | Director | ||
Limited) | |||
Mr. Shahzad Malik | Director | ||
3
- Names of substantial shareholders of the company.
Company | Name | Shareholding |
Percentage | ||
Liberty Power Holding | Liberty Mills Limited | 100% |
(Private) | ||
Limited | ||
Soorty Enterprises | Mr. Shahid Rashid | 79.33% |
(Pvt) Limited | Soorty | |
Mrs. Nargis Shahid | 20% | |
Soorty | ||
Mr. Asad Shahid | 0.67% | |
Soorty | ||
Master Group of Industries | Mr. Nadeem Malik | 33.33% |
(Procon Engineering | Najeeb Holdings (Pvt) | 33.33% |
Limited | ||
(Private) Limited) | ||
N M Holding (Pvt) Limited | 33.33% | |
(iii) Date of incorporation:
Company | Date of Incorporation |
Liberty Power Holding (Private) Limited | 22nd March 2024 |
Soorty Enterprises (Pvt) Limited | 12th March 1984 |
Master Group of Industries | 28th August, 1988 |
(Procon Engineering (Private) Limited) | |
- Jurisdiction of incorporation: Islamic Republic of Pakistan
- Authorized and paid-up capital:
Company | Authorized Capital | Paid-up Capital | ||
Liberty | Power | Holding | ||
(Private) Limited | PKR 1,000,000 | PKR 100,000 | ||
Soorty | Enterprises | (Pvt) | PKR 50,000,000,000 | PKR 50,000,000,000 |
Limited | ||||
Master Group of Industries | PKR 50,000,000/- | PKR 30,000,000/- | ||
(Procon | Engineering | (Private) | ||
Limited) |
- Detail of companies, where the intended acquirer(s) hold more than thirty percent voting shares:
4
Company | Name of | Registrat | Nature | Nature | Jurisdiction | Descriptio |
Company | ion | (listed/u | of | of | n held | |
Number | nlisted/ | business | incorporatio | control/mo | ||
Private | n | re than | ||||
thirty % | ||||||
shares or | ||||||
both | ||||||
Liberty | International | 0254573 | Private | Power | Karachi. | 65% |
Power | Electric | Generatio | ||||
Holding | Power | n | ||||
(Private) | (Private) | |||||
Limited | ||||||
Limited | ||||||
Soorty | Soorty | C- | Private | Textile | Bangladesh | 45% |
Enterprises | Textiles | 93045/11 | Limited | manufact | ||
(Pvt) | (BD) | company | uring and | |||
Limited | Limited | export | ||||
Soorty | 166835 | Free | Textile | UAE | 100% | |
International | Zone | marketing | ||||
Limited | company | and | ||||
trading | ||||||
Procon | Master | 0109759 | Private | Automoti | Pakistan | 100.00% |
Engineer | Auto | ve parts | ||||
ing | Engineering | and | ||||
(Private) | (SMC-Pvt) | compone | ||||
Limited | Limited | nts | ||||
- Information about ultimate beneficial owner of the intended acquirer(s):-
- Name(s) of the natural person(s), CNIC/Passport Number, nationality and address of each person.
Company | Name | Passport | Nationality | Address |
No. | ||||
Liberty | Mr. Muhammad | AB0376344 | Pakistani | Plot # 25 H. Street |
Power | Ashraf | Khayaban-e-Muhafiz | ||
Holding | Phase VI DHA Karachi | |||
(Private) | ||||
Limited) | Mrs. Farheen | AB8943125 | Pakistani | Plot # 25 H. Street |
Khayaban-e-Muhafiz | ||||
Phase VI DHA Karachi | ||||
Mr. Zain Ashraf | AB0375134 | Pakistani | Plot # 25 H. Street | |
Khayaban-e-Muhafiz | ||||
Phase VI DHA Karachi |
5
Soorty | Mr. Shahid | AN5972505 | Pakistani | House No. 138-A, 16th |
Enterprises | Rashid Soorty | Street, Phase-8, DHA, | ||
(Pvt) Limited | Karachi, Pakistan | |||
Mrs. Nargis | BV5974954 | Pakistani | House No. 138-A, 16th | |
Shahid Soorty | Street, Phase-8, DHA, | |||
Karachi, Pakistan | ||||
Mr. Asad Shahid | BW5978204 | Pakistani | House No. 138-A, 16th | |
Soorty | Street, Phase-8, DHA, | |||
Karachi, Pakistan | ||||
Master | Mr. Nadeem | 42301- | Pakistani | House no. 75, Khayaban |
Group of | Malik | 8656497-9 | e Shaheen, DHA Phase 6, | |
Industries | Karachi, Pakistan | |||
(Procon | ||||
Engineering | ||||
(Private) Ltd) | Mr. Najeeb | 35201- | Pakistani | House no 321-K, |
Malik | 3088787-3 | Defence Housing | ||
Authority Phase 2, | ||||
Lahore, Pakistan | ||||
Mr. Arman | 35201- | Pakistani | House no 321-K, | |
Malik | 3323734-9 | Defence Housing | ||
Authority Phase 2, | ||||
Lahore, Pakistan | ||||
Ms. Natalia | 35201- | Pakistani | House no 321-K, | |
Malik | 0505387-6 | Defence Housing | ||
Authority Phase 2, | ||||
Lahore, Pakistan | ||||
Mrs. Jamshed | 42301- | Pakistani | House no 126-Y, | |
Malik | 1432379-2 | Defence Housing | ||
Authority Phase 3, | ||||
Lahore, Pakistan | ||||
Mr. Shahzad | 35201- | Pakistani | House no 126-Y, | |
Malik | 9295415-7 | Defence Housing | ||
Authority Phase 3, | ||||
Lahore, Pakistan |
- Detail of companies located in and outside Pakistan, where the ultimate acquirer or the ultimate controlling shareholder held control and or more than thirty percent voting shares: -
Company | Name of | Registrati | Nature | Nature of | Jurisdict | Description |
Company | on | (listed/unlis | business | ion of | held | |
Number | ted/ Private | incorpor | control/mo | |||
ation | re than | |||||
thirty % | ||||||
shares or | ||||||
both | ||||||
6
Liberty Mills | Liberty Thar Power | 0098271 | Unlisted | Power | Pakistan | 50% |
Limited (100% | (Private) Limited | Generation | ||||
holding | Meragram Hydro | 0113250 | Unlisted | Non- | Pakistan | 80% |
company of | Power (Private) | operational | ||||
Liberty Power | Limited | |||||
Holding | National Resources | 0129702 | Unlisted | Under | Pakistan | 33% |
(Private) | (Pvt.) Limited | development | ||||
Limited) | Liberty Wind | 0092877 | Unlisted | Power | Pakistan | 100% |
Power 1 Limited | Generation | |||||
Liberty Wind | 0092876 | Unlisted | Power | Pakistan | 100% | |
Power 2 Limited | Generation | |||||
Liberty Power Tech | 0062901 | Unlisted | Power | Pakistan | 29% | |
Limited | Generation | |||||
Zain Ashraf | Liberty Solar | 094571 | Unlisted | Non- | Pakistan | 98.51% |
Mukaty | Energy Limited | operational | ||||
Innovatex 1888 | 0190170 | Unlisted | Non- | Pakistan | 50.00% | |
(Private) Limited | operational | |||||
Infinity Metals | 0201652 | Unlisted | Non- | Pakistan | 75.00% | |
(Private) Limited | operational | |||||
Liberty Cold | 0232754 | Unlisted | Non- | Pakistan | 99.89% | |
Storage 1 (Private) | operational | |||||
Limited | ||||||
Liberty Cold | 0233842 | Unlisted | Non- | Pakistan | 99.89% | |
Storage 2 (Private) | operational | |||||
Limited | ||||||
Liberty Agriculture | 0245393 | Unlisted | Non- | Pakistan | 99.89% | |
Storage (Private) | operational | |||||
Limited | ||||||
Liberty Green | 0245740 | Unlisted | Non- | Pakistan | 99.89% | |
Storage (Private) | operational | |||||
Limited | ||||||
Muhammad | Liberty Mills | 0002034 | Unlisted | Operational | Pakistan | 71.52% |
Ashraf | Limited | |||||
Liberty Thar Power | 0098271 | Private | Non- | Pakistan | 35.00% | |
(Private) Limited | operational | |||||
Innovatex 1888 | 0190170 | Private | Non- | Pakistan | 50.00% | |
(Private) Limited | operational | |||||
Soorty | Soorty Textiles | C- | Private | Textile | Banglades | 45% |
Enterprises | (BD) Limited | 93045/11 | Limited | manufacturin | h | |
(Pvt) Limited | company | g and export | ||||
Soorty | 166835 | Free Zone | Textile | UAE | 100% | |
International | company | marketing and | ||||
Limited | trading | |||||
Nadeem | Master Solar | 0093653 | Public- | Power | Pakistan | 33.33% |
Malik | Energy Ltd | Unlisted | ||||
7
Master Chemicals | 0014437 | Public- | Manufacture | Pakistan | 33.33% | |
Ltd | Unlisted | and Sale of | ||||
P.U Products | ||||||
and Blending | ||||||
of Chemicals | ||||||
Master Synthetics | 0044084 | Private | Manufacture | Pakistan | 33.33% | |
(Pvt.) Ltd | Foam & | |||||
Allied | ||||||
Products | ||||||
Procon | 0018460 | Private | Manufacture | Pakistan | 33.33% | |
Engineering (Pvt.) | Automotive | |||||
Ltd | Parts & | |||||
Components | ||||||
Master | 0047491 | Private | Auto-Mobile | Pakistan | 33.33% | |
Motorcycles (Pvt.) | ||||||
Ltd | ||||||
Master | 0073004 | Private | Manufacture | Pakistan | 33.33% | |
MoltyFoam (Pvt.) | Foam & | |||||
Ltd | Allied | |||||
Products | ||||||
Fuso Master | 0072873 | Private | Auto-Mobile | Pakistan | 33.33% | |
Motors (Pvt.) Ltd | ||||||
Master Motor | 0043991 | Private | Auto-Mobile | Pakistan | 33.33% | |
Corporation (Pvt.) | ||||||
Ltd | ||||||
Dura Industries | 152-MIR- | Private | Manufacture | Azad | 33.33% | |
(Pvt.) Ltd | 2002 | Foam & | Jammu | |||
Allied | and | |||||
Products | Kashmir | |||||
Foamco (Pvt.) Ltd | 891-MPR- | Private | Manufacture | Azad | 33.33% | |
2016 | Foam & | Jammu | ||||
Allied | and | |||||
Products | Kashmir | |||||
Mascon (Pvt.) Ltd | 0100988 | Private | Real Estate- | Pakistan | 33.33% | |
Construction | ||||||
Affinity Capital | 0104390 | Private | Investment | Pakistan | 33.33% | |
(Pvt.) Ltd | Company | |||||
Master (Pvt.) Ltd | 0017733 | Private | Manufacture | Pakistan | 33.29% | |
Foam & | ||||||
Allied | ||||||
Products | ||||||
8
Foton Pakistan | 0108173 | Private | Auto-Mobile | Pakistan | 34.00% | |
(Pvt.) Ltd | ||||||
Master Hydro | 0110719 | Private | Power | Pakistan | 33.33% | |
(Pvt.) Ltd | ||||||
Celeste Home | 0096544 | Private | Manufacturer | Pakistan | 33.00% | |
Fashion (Pvt.) Ltd | /Retailer of | |||||
Furniture | ||||||
Aqua Hydro (Pvt.) | 0110198 | Private | Power | Pakistan | 33.33% | |
Ltd | ||||||
Master Motor | 0083077 | Private | Auto-Mobile | Pakistan | 33.33% | |
Company (Pvt.) | ||||||
Ltd | ||||||
Jamshed Wind | 0116023 | Private | Power | Pakistan | 33.33% | |
Energy (Pvt.) Ltd | ||||||
Master Celeste | 0037361 | Private | Manufacture | Pakistan | 33.43% | |
(Pvt.) Ltd | Foam & | |||||
Allied | ||||||
Products | ||||||
Foton Master | 0078353 | Private | Auto-Mobile | Pakistan | 50.00% | |
Motors (Pvt.) Ltd | ||||||
Nadeem Malik | 0078295 | Private | Investment | Pakistan | 99.00% | |
Holdings (Pvt.) | Company | |||||
Ltd | ||||||
Master Tractors | 0052374 | Private | Auto-Mobile | Pakistan | 33.33% | |
(Pvt.) Ltd | ||||||
Master Motor | 0052459 | Private | Auto-Mobile | Pakistan | 33.33% | |
Cars (Pvt.) Ltd | ||||||
International | 0081473 | Private | Retailer of | Pakistan | 33.33% | |
Interior (Pvt.) Ltd | Home/Office | |||||
Furniture & | ||||||
Furnishing | ||||||
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Engro Powergen Qadirpur Limited published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 12:09:35 UTC.