K-Electic Limited has received an intimation for an extension in the timeline for the public announcement of the offer to acquire 66.4% of the total issued and paid capital by Shanghai Electric Power Company Limited, as per a notice sent to the Pakistan Stock Exchange (PSX).
Arif Habib Limited is the manager of the offer.
The deadline for making the public announcement of the offer was January 21, 2024. However, the acquirer, Shanghai Electric decided to extend the date of the public announcement of the offer by 90 days.
The potential reason for the extension is that all parties involved in the transaction are trying their best efforts in getting regulatory approvals from the Government of Pakistan and the People’s Republic of China.
Some of the approvals are yet to be given; therefore, Shanghai Electric has extended the timeline of the offer.
Earlier on January 19, National Electric Power Regulatory Authority (NEPRA) granted a distribution licence as well as a supplier licence to K-Electric Limited (KEL) for 20 years.
K-Electric (KE) is a publicly listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 square kilometers territory including Karachi and its adjoining areas.
The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.
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