Shanghai Electric takes over K-Electric in Pakistan's biggest private sector deal
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KARACHI: In the largest private sector deal in Pakistan the China's Shanghai Electric Power Company has taken over the major stakes in the K Electric.
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The Abraaj Group on Sunday announced that it has agreed to divest its 66.4% shareholding in K-Electric to the Shanghai Electric Power Company Limited for US$ 1.77 billion.
K-Electric (formerly Karachi Electric Supply Corporation) was privatised in 2005, and Abraaj bought a majority stake in 2009 which transformed the strategic asset into a leading energy player, serving 2.3 million consumers.
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Now the management controls of the K-Electric would be handed over to the China's Shanghai Electric Power Company.
