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Business & Finance

KE acquisition: Shanghai Electric makes a fresh PAI

  • Earlier, the sale of KE to Shanghai Electric could not be completed, after Shanghai Electric withdrew the offer at the end of the contract period.
30 Jun 2020

Shanghai Electric Power Company Limited has made a fresh Public Announcement of Intention (PAI) to purchase up to 66.4 percent of the ordinary share capital of K-Electric Limited, a private company supplying electricity to Karachi.

“It is hereby informed that K-Electric Limited (KE) has received fresh Public Announcement of Intention (PAI) from Shanghai Electric Power Company Limited (SEP) to acquire up to 66.40% voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals,” said KE in its filing to the Pakistan Stock Exchange (PSX) on Tuesday.

“This PAI has been notified to the K-Electric Board of Directors on 30 June 2020,” it added.

Earlier, the sale of KE to Shanghai Electric could not be completed, after Shanghai Electric withdrew the offer at the end of the contract period.

Under the agreement, the Shanghai Electric Power Company Limited intends to acquire 18,335,542,678 number of shares of KE, i.e. 66.4pc.

It may be mentioned that the 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.