ISLAMABAD – China’s Shanghai Electric Power has resubmitted bid for $1.77billion 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% majoritystake 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 acquire66.4% majority stake in the company and its board of directors had beennotified of this development on 24th December 2018.
This past Friday, SEP via its manager to the offer Arif Habib Limitednotified the stock exchange that with reference to the original publicannouncement made on March 29th this year had to be withdrawn on account ofa lapse in the prescribed time period for making a public announcement ofthe offer.
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However, on Monday, SEP resubmitted its intention via its manager to theoffer Arif Habib Limited to acquire 66.4% majority stake in K-Electric in aseparate notification sent to the stock exchange.
