Daily Times

The Shanghai Electric Power Company Limited, a Chinese state-owned entity, has expressed its renewed interest in buying a majority stake in K-Electric from the Abraaj Group. In a notification to the Pakistan Stock Exchange (PSX), the company announced that “K-Electric has received a fresh public announcement of intention from Shanghai Electric Power Company to acquire up to 66.04% voting shares in K-Electric Limited”. It is still unclear whether the early negotiated price will prevail, as in October 2016 Shanghai Electric agreed with Dubai-based Abraaj Group on acquiring a majority stake in K-Electric for $1.77. K-Electric’s share price dropped 2.2%, or Rs0.08, to Rs3.55 with trading in 55.56 million shares at the PSX.