Shanghai Electric Power pulls offer to buy stake in Pakistan's K-Electric

A view of the K-Electric head office, with solar panels at the parking area, in Karachi, Pakistan, January 24, 2023. REUTERS/Akhtar Soomro/ File photo

The deadline for making a firm offer for the K-Electric stake expired on April 20 and Shanghai Electric has withdrawn its bid, Arif Habib Limited, the manager said in the notice to the bourse. K-Electric is the only electricity generator, transmitter, and distributor for Karachi, Pakistan's largest city, and its adjoining areas, and the only listed electricity supplier in Pakistan. It was privatised in 2005.The deal has been repeatedly delayed due to regulatory approvals and liquidity constraints as a consequence of mounting circular debt in the country's power sector. The government of Pakistan owns a 24.4 per cent stake in K-Electric.

In June last year, Shanghai Electric reiterated its commitment to the deal, which was worth approximately $1.77 billion in 2016 but had the likelihood of changing. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

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