Shanghai Electric withdraws bid to acquire K-Electric

MG News | April 22, 2024 at 01:52 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

April 22, 2024 (MLN): Shanghai Electric Power Company Limited has withdrawn its offer to acquire up to 18.336 billion ordinary shares of K-Electric Limited (PSX: KEL) representing 66.4% of the total issued share capital.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 As a result, the acquirer has withdrawn its offer.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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,160.53 90.32M	0.00% 7.36
ALLSHR	103,625.94 527.74M	0.14% 148.91
KSE30	50,907.59 33.84M	0.01% 5.61
KMI30	244,051.24 48.00M	0.12% 285.58
KMIALLSHR	67,147.91 309.39M	0.09% 60.87
BKTi	47,469.50 6.68M	-0.31% -145.22
OGTi	35,019.08 2.31M	0.47% 165.16

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,955.00	86,950.00 85,195.00	-635.00 -0.73%
BRENT CRUDE	99.77	102.30 98.68	-0.57 -0.57%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	6.10 4.92%
ROTTERDAM COAL MONTHLY	137.10	137.10 137.10	-0.20 -0.15%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	91.32	93.84 90.20	-1.05 -1.14%
SUGAR #11 WORLD	18.08	18.43 18.02	-0.31 -1.69%