Shanghai Electric renews intention to buy KE
KARACHI: K-Electric announced recently that it had received a fresh public announcement of intention (PAI) from Shanghai Electric Power (SEP) to acquire up to 66.40 per cent voting shares in it, subject to receipt of regulatory and other approvals. “This PAI has been notified to the K-Electric board of directors on June 30,” the utility said. Concurrently, Arif Habib Ltd — manager to the offer of the acquirer stated that they were pleased to submit a fresh PAI by SEP to directly or indirectly acquire up to 18.336 billion shares of KE, representing 66.40pc of the total issued share capital of the company, subject to receipt of requisite regulatory and other approvals. The public offer would be for 4.640bn shares or 16.80pc of the equity. The new announcements are routinely made by the parties on the expiry of the prescribed time period for making public announcement of offer (as extended by the Securities and Exchange Commission of Pakistan) which in this case was up to June 27.