Shanghai Electric withdraws PAI to acquire 66.4% shares of K-electric

MG News | June 27, 2023 at 01:10 PM GMT+05:00

0:00

June 27, 2023 (MLN): Shanghai Electric Power Company Limited has withdrawn the Public Announcement of Intention (PAI) for the acquisition of up to 66.4% of the voting shares of K-Electric Limited.

A notification released by the manager to the offer, i.e. Arif Habib Limited, stated that the time period for making the public announcement of the offer (as extended by the Securities & Exchange Commission of Pakistan) had lapsed on June 27, 2021, on the basis that certain regulatory and other approvals for the transaction remained outstanding.

However, the notice informed that Shanghai Electric Company would make a fresh PAI via Pakistan Stock Exchange (PSX) and shall publish the same in the Newspaper within two working days of such notification in accordance with the prescribed formalities.

The notice further stated that this process of withdrawal and re-issuance of the PAI is being undertaken to ensure compliance with the law.

Accordingly, the transaction will be consummated immediately upon receipt of the remaining regulatory and other approvals.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	179,603.73 379.80M	-0.50% -908.92
ALLSHR	108,021.19 705.75M	-0.35% -379.48
KSE30	54,828.33 124.04M	-0.69% -379.24
KMI30	253,396.08 110.85M	-0.77% -1976.44
KMIALLSHR	69,330.18 392.81M	-0.57% -398.02
BKTi	51,913.39 44.12M	-0.50% -259.93
OGTi	35,053.03 27.27M	-0.84% -295.86

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	68,980.00	69,580.00 65,970.00	3480.00 5.31%
BRENT CRUDE	67.73	68.05 66.89	0.21 0.31%
RICHARDS BAY COAL MONTHLY	96.00	0.00 0.00	-1.50 -1.54%
ROTTERDAM COAL MONTHLY	104.60	104.60 104.60	1.30 1.26%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	62.81	63.26 62.14	-0.03 -0.05%
SUGAR #11 WORLD	13.55	13.57 13.42	0.07 0.52%