Shanghai Electric Power Company has withdrawn its bid to acquire up to 66.4% of K-Electric Ltd, according to a notice issued to the Pakistan Stock Exchange by Arif Habib Ltd, the manager of the offer.
The bid was retracted after the deadline to submit a firm offer, which was April 20, passed without a deal.Â
Shanghai Electric has been in discussions to purchase a stake in K-Electric for over five years.Â
However, the acquisition has faced multiple delays due to regulatory hurdles and liquidity issues linked to increasing circular debt in Pakistan’s power sector. The Pakistani government holds a 24.4% share in K-Electric.
In June of the previous year, Shanghai Electric affirmed its commitment to the transaction, initially valued at around $1.77 billion in 2016, although the terms were subject to potential adjustments.
K-Electric is the sole electricity generator, transmitter, and distributor in Karachi and is also the only listed electricity provider in the country. It was privatised in 2005.
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