Shanghai Power Company submits bid to buy KE again

• Chinese company submitted a bid to buy 66.4% shares.
• Shanghai Electric trying to buy KE’s shares for six-years.
• Shanghai Electric wants to buy 66.40% management control.

KARACHI: Chinese Shanghai Electric Power Company Ltd has once again submitted a bid to buy K-Electric, the only private electricity supplier in Karachi.

According to the details, the Chinese company Shanghai Electric once again submitted a bid to buy 66.4% of K Electric’s shares.

Shanghai Electric has been trying to buy K -Electric’s shares for the past six years but is awaiting certain legal and regulatory approvals.

According to the announcement on the website of the stock market, in this regard, the announcement of Shanghai Electric’s purchase of its share has been published in local newspapers.

It should be noted that K-Electric is the only private company supplying electricity in Karachi.

Recall that in June, the purchase deal between K-Electric and Shanghai Electric fell through and the Chinese company withdrew its offer to buy.

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Shanghai Electric wants to buy 66.40 percent management control of K-Electric