$1.77 billion mega deal between Pakistan and China on cards

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$1.77 billion mega deal between Pakistan and China on cards

ISLAMABAD - China's Shanghai Electric Power has resubmitted bid for $1.77 billion to acquire majority stakes in Karachi Electric.

K-Electric on Monday received a fresh public announcement of intention (PAI) from Shanghai Electric Power (SEP) to acquire up to 66.4% majority stake in the power utility.

In a notification sent to the Pakistan Stock Exchange (PSX) on Monday, K-Electric informed that it had received a fresh PAI 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.

This past Friday, 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the stock exchange that with reference to the original public announcement made on March 29th this year had to be withdrawn on account of a lapse in the prescribed time period for making a public announcement of the offer.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.