Karachi September 26 2021: Manager to the Offer, would like to intimate that the time period for making the public announcement of offer (as extended by the Acquirer) made by Shanghai Electric Power Company Limited to acquire Karachi Electric will lapse as of September 27, 2022 (“Expiry Date”) on the basis that certain regulatory and other approvals for the Transaction remain outstanding.
In the premises, and pursuant to Regulation 21(1)(e) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (“Regulations”) read with the Securities Act 2015, manager to the offer hereby give notice that as of the Expiry Date, the Pol stands withdrawn.
As the Acquirer continues to be fully committed to consummate the Transaction pending receipt of regulatory and other approvals, the Acquirer will notify the fresh Public Announcement of Intention via Pakistan Stock Exchange Limited on September 28, 2022.
This process of withdrawal and re-issuance of the Pol is being undertaken to ensure compliance with the law. Accordingly the transaction will be consummated immediately upon receipt of remaining regulatory and other approvals. You may contact the undersigned for any additional information or clarification.
Shanghai Electric Power Company Limited has made Public Announcement of Intention (“Poi”) to acquire directly or indirectly up to 18,335,542,678 ordinary shares of K-Electric Limited representing 66.40% of the total issued share capital of the Target Company, subject to receipt of regulatory and other approvals.