KARACHI: A Chinese electric company, Shanghai Electric Power Company Limited, has shown its intention to buy the majority shares of the K-Electric through its manager at the Pakistan Stock Exchange (PSX) on Tuesday.
On behalf of the Chinese electric company, Arif Habib Limited (AHL), which serves as its manager in Pakistan, notified the PSX on Tuesday regarding the intention.
“We are pleased to submit a Public Announcement of Intention by Shanghai Electric Power Company Limited to directly or indirectly acquire up to Rs18.335 billion ordinary shares of K-Electric Limited (the target company) representing 66.40 percent of the total issued share capital of the target company,” said the AHL notification.The acquisition of shares is subject to due diligence and execution of definitive agreements.
