Shanghai Electric Power Company Limited has withdrawn its offer to buy K-Electric, a private company supplying electricity to Karachi.
As per details, the sale of KE to Shanghai Electric could not be completed. Shanghai Electric withdrew the offer at the end of the contract period. In this regard, the manager of Shanghai Electric has written a letter to K Electric.
“We have received today a copy of the withdrawal of public announcement of intention for acquisition (directly or indirectly) of up to 66.40% of the voting shares of K-Electric Limited by Shanghai Electric Power Company Limited,” stated KE in its filing to the Pakistan Stock Exchange (PSX).
It may be mentioned that Abraaj Group had signed an agreement with Shanghai Electric in 2016. It wanted to buy 66.4pc shares of Shanghai Electric but did not get regulatory approval from NEPRA and other entities.
A spokesman for Shanghai Electric said it would soon make a new purchase offer to KE again.