Shanghai Electric withdraws bid to acquire K-Electric
MG News | April 22, 2024 at 01:52 PM GMT+05:00
April 22, 2024 (MLN): Shanghai Electric Power Company Limited has withdrawn its offer to acquire up to 18.336 billion ordinary shares of K-Electric Limited (PSX: KEL) representing 66.4% of the total issued share capital.
Arif Habib Limited, the manager of the offer, informed the Pakistan Stock Exchange (PSX) through a notice issued today.
The period for making the public announcement of the offer, as extended by the Acquirer, expired on April 20, 2024, as certain regulatory and other approvals for the Transaction remain outstanding. As a result, the acquirer has withdrawn its offer.
Arif Habib further informed that this process of withdrawal is being undertaken to ensure compliance with the law.
To recall, the Public Announcement of Intention (PAl) to acquire majority shareholding in KEL was published on July 25, 2023
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