Shanghai Electric makes a fresh bid to acquire 66.4% stake in KEL

MG News | July 21, 2023 at 02:13 PM GMT+05:00

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July 21, 2023 (MLN): Shanghai Electric Power Company Limited has made a fresh public announcement of its plan to acquire up to 18.335 billion ordinary shares of K-Electric Limited (PSX: KEL) representing 66.40% of the total issued share capital of the Target Company, subject to receipt of requisite regulatory and other approvals.

A notification was released by the manager to the offer, Arif Habib Limited on PSX today.

To note, the original public announcement of intention was made on September 30, 2022, on behalf of the Acquirer, and the subsequent notice of withdrawal was published on June 27, 2023.

“On behalf of the Acquirer, we wish to reiterate that the Acquirer continues to be fully committed to consummate the Transaction pending receipt of regulatory and other approvals,” the notice further reads.

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