Shanghai Electric Extends Timeline for Major Stake Acquisition in K-Electric

Karachi, Shanghai Electric Power Company Limited has announced an extension in the timeline for its proposed acquisition of a significant share in K-Electric Limited. The original public announcement of intention, issued on July 25, 2023, for acquiring 18,335,542,678 ordinary shares of K-Electric, representing 66.40% of the company’s total issued and paid-up capital, was set to expire on January 21, 2024. However, due to pending regulatory approvals from both Chinese and Pakistani authorities, the timeline has been extended by ninety days.

This extension, effective until April 20, 2024, is in accordance with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 and subsequent amendments. The information was officially communicated to K-Electric Limited on January 22, 2024, by Arif Habib Limited, acting as the Manager to the Offer on behalf of Shanghai Electric.

The Pakistan Stock Exchange has been requested to disseminate this information to the shareholders of K-Electric Limited, ensuring compliance with the regulatory requirements for such transactions. This step signifies Shanghai Electric’s continued commitment to the acquisition process, despite the complexities involved in securing necessary approvals from relevant regulatory bodies.