Turkish billionaire Aykut Alikuu seeks to acquire control of publicly traded energy provider Tri-Star Power Limited and more than 51% of its outstanding shares (PSX: TSPL).
Based on the current stock price, the company is worth Rs. 222.6 million. According to Dawn, the goal stake of 51 percent is worth Rs. 113.5 million.
Aykut Alikuu is a well-rounded investor who concentrates on Gulf e-commerce and the sale of locally supplied goods. Another two of its interests are healthcare and clean energy. On the other side, Tri-Star Power produces and provides electricity to clients in the same industrial group on a rental basis.
There will be a due diligence procedure after Aykut Alikuu’s expression of interest (EOI) to purchase more than 51% of the shares of TSPL. If the overseas business is successful, it will sign a share purchase agreement with the regional investors at a price that might not correspond to the current stock exchange rate.
Yet the subsequent tender offer to retail investors for 50% of the free-float shares must be at least as much as the price that was agreed upon between the buyer and the sponsors.
On July 1, 2021, the business entered into a rental agreement with Image Pakistan Limited, a connected party, to rent out its power plant to the textile manufacturer. The 10-megawatt facility is situated on the grounds of Picture Pakistan in SITE, Karachi.
he power plant’s actual power output is unclear because it produces electricity as needed. The company charged their electricity customer per unit until July 1, 2021.
TSPL’s stock price was 14.4 rupees at the time of filing, down 2.96 percent or 0.44 rupees on Friday with a volume of 188,500 shares.