Shanghai Electric offers to acquire 66.4pc shares of K-Electric

KARACHI: Shanghai Electric of China intends to acquire 18,335,542,678 ordinary shares of K Electric, which is equivalent to 66.4 percent of KE’s total issued share capital, local media reported.

K-Electric has received a fresh Public Announcement of Intention (PAI) from Shanghai Electric to acquire 66.4 percent voting shares of KE. The intended acquisition entails a purchase of 66.4 per cent of shares through agreement and a purchase of 16.8 percent of shares through a public offer.

KE’s share price quoted on the Pakistan Stock Exchange (PSX) a day before the announcement of intention stood at Rs2.87 per share. The weighted average share price for KE as quoted on the securities exchange during four weeks preceding the date of the public announcement of intention stood at Rs3.01 per share

Shanghai Electric has stakes in approximately 20 companies, both listed and unlisted in Turkey, Montenegro, Malta and other countries.

Earlier on March 30, the Securities and Exchange Commission of Pakistan had granted an extension of 90 days to Shanghai Electric to make a public announcement of offer to acquire 66.4 percent shares of KE.