K-Electric acquisition leads to 90 day extension in election for BOD

Election of Directors for the Board of K-Electric, previously scheduled for October 15, 2018 has been deferred for a period of ninety days, according to an announcement by the firm on the Pakistan Stock Exchange.

The deferral is intended to buy enough time to ensure that the composition of the new Board of the Company represents the respective percentage of voting shares of K-Electric by the various shareholders of the company, which would now include the Shanghai Electric Power Company Limited.

On March 27, 2018, Shanghai Electric Power Company Limited had notified the Public Announcement of Intention to acquire up to 66.40% of the voting shares of K-Electric, subject to receipt of the requisite regulatory approvals.

Consequently, KE Board of Directors would be reconstituted pursuant to the provisions of the Securities Act 2015 and the Companies (Takeovers) Reg 2017.

According to the announcement on PSX, KE has already submitted a report to the Registrar, CRO Karachi for this purpose.