KARACHI: K-Electric (KE) has received a fresh Public Announcement of Intention (PAI) from Shanghai Electric to acquire 66.4 per cent voting shares of KE.
As per documents, Shanghai Electric intends to acquire 18,335,542,678 ordinary shares of KE, which is equivalent to 66.4 per cent of KE’s total issued share capital.
The intended acquisition entails a purchase of 66.4 per cent of shares through agreement and a purchase of 16.8 per cent of shares through a public offer.
KE’s share price quoted on the Pakistan Stock Exchange (PSX) a day before the announcement of intention stood at Rs 2.87 per share.
The weighted average share price for KE as quoted on the securities exchange during four weeks preceding the date of the public announcement of intention stood at Rs3.01 per share
Shanghai Electric has stakes in approximately 20 companies, both listed and unlisted in Turkey, Montenegro, Malta and other countries.
Earlier on March 30, The Securities and Exchange Commission of Pakistan had granted an extension of 90 days to Shanghai Electric to make a public announcement of offer to acquire 66.4 percent shares of KE.
no doubt a fetching news! karachi is suffering like a hell
against the stake what SE is going to bring to KE, if its just the matter of KE stakeholder spinning off what they or a clue that time may get merciless sooner later, then its just a control shift against a profitable share liquidation otherwise the liability to perform may even bring down a bluechip like SE. does SE understand the dynamics of karachi outboroughs load theft and inaccesibility of vigilance team? also is pepra powerful enough to dictate the deliverance terms to a chinese IPP against bill charge to consumers and moreover the industries. lets talk on solutions. i may start from prepaid IPP service with regulated rates. pepra to introduce and issue licenses to more energy companies local and foreign. i have an idea more. can discuss if we have critical observers here.
Pepra????????
This has been going on for years. Govt bureaucrats won’t give them NOC. It’s sending a terrible message to potential foreign investors.
Good news for Karachites sffering at the hand of KE for a long time. I hope all formalities connected with the deal will be completed in due course.
Corruption has not allowed Pakistan to progress.
Give some relief to Public!!
Don’t give KE to Shanghai electric. Best solution is to give whole Karachi to Shanghai Administrative authority based in China. They will hang all corrupt persons in first instance. Automatically, we will see the city will prosper and there will be every good thing in abundance.