Shanghai Electric submits fresh PAI to acquire K-Electric shares

The Shanghai Electric Power Company Limited has submitted a fresh Public Announcement of Intention (PAI) to acquire up to 66.4 percent shares of K-Electric Limited.

“We write with reference to the provisional public announcement of intention made on behalf of the acquirer dated June 30th, 2020 and subsequent notice of petrol dated March 27, 2021,” Arif Habib Limited, the Manager to the Offer said in a statement to the bourse on Wednesday.

“In terms communicated in the Notice of Withdrawal and in accordance with the Securities Act, 2015 read with the Listed Companies (Substantial Acquisition of voting shares and takeovers) Regulations 2017, we are pleased to submit a fresh Public Announcement of Intention by Shanghai Electric Power Company Limited to directly or indirectly require up to 18,335,542,678 ordinary shares of K-Electric Limited (the Target Company) representing 66.4 percent of the total issued share capital of the target company,” stated Arif Habib Limited.

On Tuesday, it was learned K-Electric has received “withdrawal” of Public Announcement of Intention (PAI) for the acquisition of up to 66.40pc voting shares of K-Electric Limited by Shanghai Electric Power Company Limited.

“The process of withdrawal and re-issuance of the PoI is being undertaken to ensure compliance with the law, the letter said. Accordingly, the transaction will be consummated immediately upon receipt of remaining regulatory and other approvals,” a letter sent to K-Electric said.