December 20, 2018 (MLN): Arif Habib Limited in a recent notification to PSX has announced that in its capacity as manager to the offer by Shenghai Electric Power Company to acquire 66.4% shareholding of K-Electric, the time period for making the Public Announcement of Offer (as extended by the SECP) will lapse as of December 24 2018 on the basis that certain regulatory and other approval for the transaction remain outstanding.
The statement was made in reference to the Public Announcement of Intention (PoI) made by Shenghai Electric Power Company Limited (acquirer) on March 29, 2018, to directly acquire up to 18,335,542,678 ordinary shares of K-electric Limited (target company), representing 66.4% of the total issued share capital of the target company.
Arif Habib went on to state that as of the expiry date i.e. December 24 2018, the PoI stands withdrawn.
“As the acquirer continues to be fully committed to consummate the transaction pending receipt of regulatory and other approvals, it shall make a fresh public announcement of intention in accordance with the prescribed formalities immediately with effect from the expiry date”
“This process of withdrawal and re-issuance of the PoI is being undertaken to ensure compliance with the law. Accordingly the transaction will be consummated immediately upon receipt of remaining regulatory and other approvals” the notification further added.
