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Shanghai Electric re-submits its offer to buy 66.4% stake in KE

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KARACHI: K-Electric on Monday received a fresh bid from Shanghai Electric Power (SEP) to acquire up to 66.4 per cent majority stake in K-Electric (KE), an announcement at Pakistan Stock Exchange (PSX) said here on Monday.

K-Electric informed that it had received a fresh bid from SEP to acquire 66.4% majority stake in the company and its board of directors had been notified of this development on 24th December 2018.

Earlier, SEP via its manager to the offer Arif Habib Limited notified the stock exchange that with reference to the original public announcement made on March 29th this year had to be withdrawn on account of a lapse in the prescribed time period for making a public announcement of the offer.

However, on Monday, SEP resubmitted its intention via its manager to the offer Arif Habib Limited to acquire 66.4% majority stake in K-Electric in a separate notification sent to the stock exchange.

In March, SEP had withdrawn its offer as per regulatory requirements to acquire a majority stake in K-Electric and then reissued its intent to pursue its acquisition of the power utility.

Earlier, this month a high-powered delegation led by Chairman Shanghai Electric Mr Wang Yundan had met with Prime Minister Imran Khan.

Mr Wang apprised the PM about Shanghai Electric Power and exhibited great interest of the company to invest in Pakistan’s power sector.

The premier welcomed the decision of SEP to invest in the country’s power sector and stated the government’s commitment to providing full assistance and an enabling environment to the investors to take advantage of huge investment opportunities existing in Pakistan.

In this meeting, Abraaj Capital founder and owner of K-Electric Arif Naqvi was also present.

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