Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

MPS Preview: High for Longer

Arif Habib Limited – Withdrawal of Public Announcement of intention to acquire 66.40 Percent of the ordinary share capital of K-Electric Limited

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In a letter addressed to all the relevant stake holders, the Arif Habib Management has informed that

“With Reference to the Public Announcement of Intention (“PoI”) made by Shanghai Electric Power Company Limited (“Acquirer”) dated August 30th 2016 to directly or indirectly acquire up to 18,335,542,678 ordinary shares of K-Electric Limited (the “Target Company”) representing 66.40% of the total issued share capital of the Target Company, subject to receipt of regulatory and other approvals (“Transaction”).”

“We, Arif Habib Limited, in our capacity as Manager to the Offer, would like to intimate that the time period for making the public announcement of offer (as extended by the Securities & Exchange Commission of Pakistan) will lapse as of June 30, 2017 (“Expiry Date”) on the basis that certain regulatory and other approvals for the Transaction remain outstanding.

“In the premises, and pursuance to Regulation 17(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations 2008 (“Regulations”) read with the Securities Act 2015, we hereby give notice that as of the Expiry Date, the PoI stands withdrawn. As the Acquirer continues to be fully committed to consummate the Transaction pending receipt of regulatory and other approvals, the Acquirer shall make a fresh public announcement of intention in accordance with the prescribed formalities immediately with effect from the Expiry Date.”

Posted on: 2017-06-13T13:48:00+05:00