Shanghai Electric interested in acquiring 66.4% share in K-Electric

By Masood Sattar Khan
(Pakistan News & Features Services)

K-Electric (KE) may have been under fire lately at home for its indifferent services to the large base of its customers in Karachi but Shanghai Electric Power Company Limited (SEP) have showed renewed interested in acquiring its major shares. 

The KE authorities have submitted a letter to the Pakistan Stock Exchange Limited (PSX), whose copy was seen by PNFS, informing them about the expression of interest in their entity by SEP. Arif Habib Limited are the managers to the offer of the acquirer.

“In accordance with Section 96 of Securities Act, 2015 and Clause 5.6.1 (a) we hereby convey the following information: KE has received fresh Public Announcement of Intention from Shanghai Electric Power Company Limited to acquire upto 66.40% voting shares of KE. The PSX is requested to make the above information immediately available to the KE shareholders,” the KE official wrote to the PSX in a letter dated June 30, 2020, attaching a copy of Public Announcement of Intention from SEP. 

According to the letter, SEP intends to acquire 18,335,542,678 ordinary shares of KE which is equivalent to 66.40% of the KE’s total issued share capital. 

It may be recalled that the Securities Exchange Commission of Pakistan (SECP), on March 30, had granted 90-day extension to SEP to make a public announcement of offer to acquire 66.40% percent shares of KE.