China’s Shanghai Electric Power Company has made a fresh announcement to acquire K-Electric.
According to the announcement, K-Electric has received fresh Public Announcement of Intention on behalf of Shanghai Electric Power Company Limited, to acquire up to 66.40% of voting shares of K-Electric Limited.
The offer is to acquire 18,336 million ordinary shares of K-Electric Limited representing 66.4% of the total issued share capital of the target company, subject to receipt of requisite regulatory and other approvals.
For the specified transaction, Arif Habib Limited will act as the manager to offer.
Earlier, Shanghai Electric has previously failed in securing the required regulatory approvals in the given time due to pending issues in the last two years.
The announcement was made with reference to the Notice of Withdrawal dated March 29, 2018 and December 21, 2018 on account of the lapse in the prescribed time period for making a public announcement of offer, as extended by Securities and Exchange Commission of Pakistan (SECP).
Shanghai Electric delegation led by Chairman Wang Yudan met with Prime Minister Imran Khan on Dec 7 where he briefed the PM on the company’s decision to invest in the power sector in the country.
KEL’s shares at the bourse were trading at Rs5.97, down by Rs0.05 or 0.83% with a turnover of 1.71 million shares on Monday.