Karachi July 21 2023: Shanghai Electric Power Company Limited has made a fresh Public Announcement of Intention 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.
“The acquisition may be undertaken by acquirer directly or through an existing subsidiary of the acquirer or a separate/new subsidiary / a consortium led by the subsidiary of the acquirer. The detail of which shall be provided to the Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange upon finalization” states the acquirer.
SEP was established in 1882 and then transformed into a limited company in 1998. With a long history of 140 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, 2022, SEP recorded an annual net profit of RMB 2.55 billion and an annual power generation of 63.73 TWh. As of December 31,2022, SEP has an overall installed capacity of 20.92 GW, with contributions of 47.08 %, 13.75 %, 18.57 %, and 20.260% from coal power, natural gas power, wind power, and solar power respectively.