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Karachi, Shanghai Electric Power Company Limited has withdrawn its intention to acquire a 66.40% stake in K-Electric Limited, a move initially publicized on July 21, 2023. The original Public Announcement of Intention, published in the Business Recorder and Nawa-i-Waqt, outlined plans to purchase up to 18,335,542,678 ordinary shares, pending regulatory and other approvals.
Arif Habib Limited, serving as Manager to the Offer, announced that the deadline for making the public announcement of the offer, extended by the acquirer, lapsed on April 20, 2024, without securing the required approvals. Consequently, under Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, read with the Securities Act 2015, the withdrawal of the Public Announcement of Intention was formalized.