Author: Admin

KARACHI: Shanghai Electric Power Company has officially terminated its long-pending plan to acquire a controlling 66.4 per cent stake in K-Electric Ltd, citing unfavorable changes in Pakistan’s business environment and unmet contractual conditions. K-Electric, the sole power generator, transmitter, and distributor for Karachi and adjoining areas, was privatised in 2005. Shanghai Electric first agreed in 2016 to purchase the stake from Abraaj Group for \$1.77 billion. However, the deal remained stalled for years due to regulatory hurdles, liquidity issues tied to Pakistan’s circular debt crisis, and Abraaj’s collapse in 2019.…

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ISLAMABAD: Pakistan and the United States on Monday inked two landmark Memoranda of Understanding (MoUs) to boost cooperation in the development and processing of critical minerals, including rare earth elements (REEs), and in logistics services. The agreements were signed at the Prime Minister’s House during the visit of a high-level US delegation representing United States Strategic Metals (USSM) and Mota-Engil Group. The ceremony was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff Field Marshal Asim Munir, federal ministers, and senior officials. Under the first…

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LAHORE: In a move reflecting Pakistan’s growing industrial shift toward renewable energy, Beco Steel Limited has signed an agreement with a renewable energy solutions provider to install a 2-megawatt (MW) solar power system at its Badami Bagh plant in Lahore. The company disclosed the development in a notice to the Pakistan Stock Exchange, terming it a “strategic investment” in green energy. The project, with an estimated capital expenditure of Rs121 million, is expected to deliver annual savings of around Rs129.65 million on energy costs. Beco said the initiative will lower…

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