PM approves Shanghai Electric’s bid to acquire 64.4 percent management control in K-Electric

News Image

MG News | March 29, 2018 at 04:40 PM GMT+05:00

0:00

According to sources, the deal between Abraaj Capital and Shanghai Electric is likely to be finalized after the Prime Minister gave his approval to the proposed sale of 64.4 percent shares of K-Electric (KEL) by Abraaj Capital to Shanghai Electric.

Prime Minister has called for an emergency meeting of Cabinet Committee for Privatization for the approval of the sale. The cabinet committee meeting to be held at Prime Minister Office at 10 o clock tomorrow morning will be chaired by Prime Minister, Shahid Khaqqan Abbasi.

Abraaj Capital is looking to sell a majority stake of K-Electric (KEL) along with the management control in the company to Shanghai Electric.

Cabinet Committee will also issue National Security Certificate tomorrow.

A delegation of Shanghai Electric held a meeting with Prime Minister on 27th March, 2018 in which the members had mentioned the delay in regulatory approvals hindering transaction to the Prime Minister.

The public intention to acquire made by Shanghai Electric in 2017 expired on 26th March, 2018 after which the intention was renewed the Chinese company.

In a meeting held between the Shanghai Electric and Prime Minister, the delegation apprised Prime Minister of current status of acquisition process of majority stake in K-Electric and sought government's support in accelerating the process of regulatory approval.

The Prime Minister assured the delegation that Government of Pakistan remains committed to supporting Shanghai Electric Power with a view to further liberalizing the power generation and distribution sector in the country. To this extent, he also assured the visiting delegation of the government's commitment to enable the process to move forward subject to completion of all regulatory frameworks.

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,115.00 119,265.00
118,675.00
585.00
0.49%
BRENT CRUDE 70.43 70.86
70.39
0.07
0.10%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.48 68.95
68.46
0.03
0.04%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 06:20 PM GMT+05:00

Pakistan, UK to sign Trade Dialogue ToRs


July 13, 2025 at 05:48 PM GMT+05:00

Key Pakistan Market Stats and Economic Indicators


July 13, 2025 at 05:44 PM GMT+05:00

Inside NCCPL’s Rulebook Shift


July 13, 2025 at 01:57 PM GMT+05:00

Weekly Market Roundup


July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg