March 29, 2021 (MLN): Shanghai Electric Power Company Limited has withdrawn the Public Announcement of Intention (PAI) for the acquisition of up to 66.4% of the voting shares of K-Electric Limited.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 March 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) on March 31, 2021, 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.
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