Shanghai Power committed to buy K-Electric

A delegation of Shanghai Electric Power Ltd. (SEPL), led by its Chairman Wang Yundan, called on PM Abbasi and sought the govt.’s support in accelerating the process of regulatory approvals to facilitate the completion of Sale-Purchase Agreement (SPA) of majority shares in K-Electric Ltd (KEL). The premier assured the delegation that govt. remains committed to supporting SEPL with a view to further liberalize the power sector. Meanwhile, KEL and Arif Habib Ltd (AHL), have informed the PSX that SEPL will be renewing its interest in purchasing controlling stake in KEL since the last Public Announcement of Intention (PoI) has run into its time limit. The time period for making the PoI for purchase of stake in KEL expired on Mar. 26, 2018. The deal is valued at $ 1.77Bn.

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