Shanghai Electric submits fresh Public Announcement of Intention to buy shares of K-Electric amounting to 66.4 percent

Shanghai Electric Power has submitted fresh letter of interest in buying stakes in Kelectric as older was expiring on June 30, 2017.

Arif Habib Limited manager to the offer and Kelectric in a communiqué to Pakistan Stock Exchange that company has received fresh public announcement of intention for acquisition of up to 66.4 percent of the voting shares of Kelectric by Shanghai Electric Power subject to requisite regulatory and other approvals.

Previous Public Announcement Intention was due to expire on June 30, 2017, according to an official of the company it has been routine procedure and to finalize one the biggest corporate deal it is taking time as the buyer has to take number of approvals from the government and regulatory authorities