March 29, 2023 (MLN): Shanghai Electric Power Company Limited is extending the deadline for the Public Announcement of Offer (PAO) for the acquisition of 18.33 billion ordinary shares of K-Electric Limited (KEL), constituting 66.40% of the total issued and paid-up capital of KEL till June 27, 2023, Arif Habib Limited, Manager to the acquisition informed the bourse today.
The parties involved in the transaction have been taking all reasonable steps to obtain the necessary regulatory approvals, both in the People's Republic of China and Pakistan.
However, some of these approvals are still pending and are beyond the control of the Acquirer. The deadline for making the PAO was originally set for March 29, 2023, but has now been extended by 90 days.
AHL has assured that it will continue to apply all efforts in expediting the necessary approvals and processes.
However, some of the conditions require the relevant regulatory authorities to seek internal approvals from various line ministries and departments, which may cause further delays.
