Dawood Lawrencepur Decides to Sell Wind Power Plant to Artistic Milliners Ltd

The Board of Directors of Dawood Lawrencepur Limited has approved entering into a Share Purchase Agreement with Artistic Milliners (Private) Limited for the sale of the entire shareholding of the Company in Tenaga Generasi Limited (TGL) comprising 227 million shares i.e. 75 percent of the outstanding paid-up capital of TGL including 5 shares held by directors of TGL. “The consummation of the Proposed Transactions will be subject to the approval of the members of the Company and procurement of all applicable regulatory and corporate approvals as may be required,” the stock filing stated. “The Closed Period has been terminated with the dissemination of the above material information,” the filing added. This comes over 3 months after DLL first decided to divest its equity stake in Tenaga Generasi Limited, which owns a 49.5 MW wind power plant based in Sindh. “…we write to disclose our potential interest in the divestment of our equity stake in Tenaga Generasi Limited, which owns a 49.5 MW wind power project located in Sindh,” the company informed the PSX in a filing at the time. DLL manages investment in its subsidiaries and associated companies and is engaged in the business of trading and marketing renewable energy solutions, mainly solar, to commercial and industrial consumers, along with the legacy textile business.