Artistic Milliners (Private) Limited has decided not to proceed with the acquisition of Tenaga Generasi Limited (TGL), which operates a 49.5 MW wind power plant in Sindh. The decision was announced after the conditions required for completing the transaction could not be met within the timeframe specified in the Share Purchase Agreement.

According to a stock filing, despite the company’s best efforts to move forward with the transaction, the buyer has opted not to continue. Dawood Lawrencepur Limited (PSX: DLL), which owns 227 million shares or 75 percent of TGL’s outstanding paid-up capital, including five shares held by TGL directors, was set to sell its stake.

The proposed sale was initially announced on February 12, 2024, and received shareholder approval on May 29, 2024. DLL had entered into a Share Purchase Agreement with Artistic Milliners for the sale of Tenaga Generasi Ltd. However, as of today, the agreement is void.

DLL is involved in managing investments in its subsidiaries and associated companies. It operates in the trading and marketing of renewable energy solutions, primarily solar, to commercial and industrial consumers, alongside its legacy textile business.