KARACHI: Pakistan and China to ink mega deal worth $1.77 billions over theK Electric privatisation.
China’s state-owned Shanghai Electric Power Company Limited to buy amajority stake in K-Electric from the Abraaj Group.
“K-Electric has received a fresh public announcement of intention fromShanghai Electric Power Company to acquire up to 66.04% voting shares inK-Electric Limited,” the company said in a notification to the PakistanStock Exchange (PSX) on Monday.
Shanghai Electric had agreed with Dubai-based Abraaj Group on acquiring amajority stake in K-Electric for $1.77 billion in October 2016. However, ithas now become uncertain whether the business deal will still be executedat the agreed price or will be renegotiated.
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K-Electric’s share price dropped 2.2%, or Rs0.08, to Rs3.55 with trading in55.56 million shares at the PSX.
