Arif Habib issues fresh PAI by Shenghai Electric to acquire 66.4% share capital of K-Electric

MG News | December 24, 2018 at 01:48 PM GMT+05:00

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December 24, 2018 (MLN): Arif Habib Limited has submitted a fresh Public Announcement of Intention on behalf of Shenghai Electric Power Company Limited, to acquire up to 18,335,542,678 ordinary shares of K-Electric Limited (Target company) representing 66.4% of the total issued share capital of the target company, subject to receipt of requisite regulatory and other approvals.

For the specified transaction, Arif Habib Limited will act as the manager to offer, a statement issued by the company revealed on Monday.

The announcement was made with reference to the Notice of Withdrawal dated December 21, 2018 on account of lapse in the prescribed time period for making public announcement of offer, as extended by Securities and Exchange Commission of Pakistan (SECP).

K-Electric Limited also issued notification to PSX on the same day, confirming the receipt of PIA from Shenghai Electric Power (SEP). This PAI has been notified to K-Electric board of directors on 24^th December 2018.

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