Tag: SEP

Shanghai Electric extends deadline for K-Electric deal by 90 days

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KARACHI: China’s Shanghai Electric Power Company Limited (SEP) has extended its deadline to buy a majority stake in K-Electric Limited (KEL) by 90 days, the brokerage house managing the deal said on Monday. SEP, which agreed to acquire 66.40 percent of KEL’s shares for $1.77 billion in 2016, has faced delays in obtaining regulatory approvals from both China and Pakistan. The brokerage house, Arif Habib Limited (AHL), said in a notice to the Pakistan Stock Exchange (PSX) that SEP had requested more time to make the public announcement of the…

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SPV 21 seeks govt help to assert its position regarding KE

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ISLAMABAD: Infrastructure Growth Capital Fund LP (IGCF) SPV 21 claims to own 53.8 per cent shares of KES Power Limited and in that capacity has approached Special Investment Facilitation Council (SIFC) and caretaker Minister for Privatisation, Fawad Hassan Fawad for asserting its position with respect to K-Electric (KE). In a letter to Minister for Privatisation, a copy of which has also been sent to Lt General Muhammad Saeed, National Coordinator SIFC, Mark Skelton stated on behalf of the IGCF Fund GP that SPV 21 is 53.8% shareholder of KES Power…

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K-Electric seeks $2bn from Shanghai Electric for stake sale

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KARACHI: K-Electric (KE), Pakistan’s only private sector power utility, said on Wednesday it wants Shanghai Electric Power (SEP) to raise its offer to buy a majority stake in the company to $2 billion, citing improved performance and growth prospects. The SEP had previously offered to acquire 66.40 percent shares in KE for $1.77 billion, but the deal has been delayed for years due to regulatory hurdles and legal disputes. Shan Ashary, Chief Investment Officer (CIO) of Al-Jomaih and a director at KE, told a group of journalists in Karachi that…

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