Karachi: Shanghai Electric has once again made a substantial offer to acquire the electric company providing power to the city of Quaid. In this regard, Shaan Abbas Ashari, the investment advisor to the Saudi group, briefed the media in Karachi.
The largest shareholder of the Electric Company, the Public Group, has agreed to sell the company for up to two billion dollars. Abbas Ashari revealed that a deal with Shanghai Electric will happen again. Shanghai Electric had offered 1.77 billion dollars, and after all these years, it will be offered again.
He hoped that it would go up to 2 billion dollars. If the deal with Shanghai Electric is finalized, it will benefit the residents of Karachi. Currently, the Saudi and Kuwaiti groups are the major shareholders in the electric company.
Shaan Ashari mentioned that at this time, the demand for electricity in Karachi is 5,000 megawatts, and if all industries switch to electric power, this demand will increase rapidly.