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K-Electric Ready for Complete Sale?

Shanghai Electric Power Company Limited, which is the Chinese state-backed firm, has formally expressed the intention to acquire K-Electric while conducting a due diligence. K-Electric’s share price increased 1.32% to Rs. 9.21 at the Pakistan Stock Exchange (PSX).

K-Electric is disclosing a material information with respect to receipt copy of public announcement of intention for acquisition of up to 66.40% voting shares of K-Electric Limited (directly or indirectly) by Shanghai Electric Power Company Limited, subject to due diligence and execution of definitive agreements.

The majority shareholder in the K-Electric power company, The Abraaj Group affirmed that they are evaluating the possibility of divesting (directly or indirectly) its shareholding in K-Electric. The Abraaj Group is a Dubai-based private equity, which is in partnership with Al-Jomaih Group of Saudi Arabia and National Industries Group of Kuwait. The Abraaj Group holds a total shareholding of 66.4% in K-Electric (KE). The three-firm consortium operated in the name of KES Power, which is the parent company of K-Electric.

So far, K-Electric accepts the bid price by Shanghai Electric Power Company. On the other hand, equity investors continue to follow the bullish developments at PSX as K-Electric remains the volume leader for the second successive day with around 70 million shares changing hands. Abraaj is up for risky investments with a kick-off sale process. Firms may be improved after this because the time is favorable for them. People are still confused that this would bring any change in the load shedding scenario of Karachi or not.

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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K-Electric Ready for Complete Sale?

Shanghai Electric Power Company Limited, which is the Chinese state-backed firm, has formally expressed the intention to acquire K-Electric while conducting a due diligence. K-Electric’s share p...