ISLAMABAD: Turkish investor Aykut Alikuu announced on Thursday that he wants to buy more than 51% of the shares and control of publicly traded electricity production company Tri-Star Power Limited.
The company is worth 222.6 million rupees based on the current stock prices. The target stake of 51% is worth 113.5 million rupees. Aykut Alikuu is a diversified investor company with a focus on e-commerce with the sale of domestically sourced products in Gulf.
Investor’s areas of interest
Healthcare and clean energy are two of its other areas of interest. Tri-Star Power, on the other side, produces and distributes electricity on a rental basis to customers in the same industrial group.
Following Aykut Alikuu’s expression of interest (EOI) to buy more than 51% of TSPL shares, there will be a due diligence exercise. If the foreign company is successful, it will enter into a share purchase agreement with the local sponsors at a price that may differ from the current stock exchange rate.
However, the subsequent tender offer to retail investors for 50% of the free-float shareholding must be equivalent to or greater than the agreed price between the sponsors and buyer. On July 1, 2021, the company signed a rental deal with Image Pakistan Limited, to provide the textile maker company with its power plant on a rental basis. The ten-megawatt plant is located on the Image Pakistan premises in SITE, Karachi.
