Shanghai Electric submits fresh intention to acquire 66.4pc K-Electric shares

Shanghai Electric submits fresh intention to acquire 66.4pc K-Electric shares

KARACHI: K-Electric on Tuesday said that it has received fresh Public Announcement of Intention (PAI) from Shanghai Electric Power (SEP) Company Limited (SEP) to acquire up to 66.40 percent voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals.

This PAI has been notified to the K-Electric Board of Directors on 30 June 2020.

A copy of the said PAI and disclosure form are enclosed. The SECP and PSX are requested to make the above information immediately available to the shareholders of K-Electric under regulation 5(1) of Takeover Regulation 2017 by placing it on the notice board and through notification on automated information system and make an announcement on the house of the Exchange.

SEP was established in 1882 and then transformed into a limited company in 1998.With a long history of 138 years, SEP is one of the major electric energy companies in Shanghai and is also a publicly-traded company listed on Shanghai Stock Exchange under ticker 600021.

It is principally engaged in the development and construction of electricity, as well as its operation and management business.

For the financial year ended December 31, 2019, SEP recorded an annual net profit of RMB2.0billion (US$289.7million) and an annual power generation of 48.66TWh.

As of December 31,2019, SEP has an overall installed capacity of 15.8GW, with contributions of 53.92%, 15.16%, 13.58%, and 17.34% from coal power, natural gas power, wind power, and solar power respectively.