Shanghai Power allowed extension for public announcement offer to acquire KE shares

KARACHI: Securities and Exchange Commission of Pakistan (SECP) has allowed 90 days extension to Shanghai Power Company to make public announcement of offer to acquire 66.40 percent ordinary shares of K-Electric Limited.

According to a communication to Pakistan Stock Exchange (PSX) on Tuesday related to extension in timeline for public announcement offer to acquire up to 4,639,825,784 ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited.

Arif Habib Limited in the letter said with reference to the public announcement of intention published on June 30, 2020 to acquire 66.40 percent ordinary shares of K-Electric Limited by Shanghai Power Company Limited under the provision of regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

The SECP in its letter said that the authority had granted the extension of ninety days to make public announcement of offer by Arif Habib Limited, which now may be made till March 27, 2021.

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