Shanghai Electric extends timeline for PAO to acquire 66.4% stake in KE

June 28, 2022 (MLN): K-Electric Limited (KE) has received intimation for an extension in the timeline for making a Public Announcement of Offer (PAO) by Shanghai Electric Power Company Limited to acquire up to 18,335,542,678 ordinary shares of KE constituting up to 66.40 percent of the total issued and paid-up capital of KE. 

A letter received from Arif Habib Limited, which acts as a Manager to the Offer, stated that parties under this Transaction have taken all reasonable steps towards obtaining the regulatory approvals as required under the applicable laws of the People's Republic of China, as well as from domestic regulatory bodies as required under the laws of the Islamic Republic of Pakistan. Certain of these approvals are however yet to be issued and as such the parties under this Transaction cannot complete the Transaction before receipt thereof.

“The deadline for making the public announcement of the offer is September 29, 2021. However, in view of the above, on the behalf of Acquirer, we would like to intimate the Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange that the Acquirer is extending the date for Public Announcement of Offer by ninety (90) days pursuant to Regulation 7(1) of Listed Companies (Substantial Acquisition of Voting Shares and Take Overs) Regulations, 2017,” the notice said.

Therefore, the time for making the Public Announcement of Offer in respect of the Transaction is extended till September 27, 2022, it added.

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