Shanghai Electric makes offer to acquire K-Electric again
- By Anjum Wahab -
- Oct 04, 2023
China’s state-owned Shanghai Electric Power (SEP) has made an offer of $1.77 billion again to acquire the sole power company in Karachi – K-Electric’s shares, ARY News reported on Wednesday.
Shanghai Electric has once again shown interest in acquiring the shares of K-Electric and made a new offer worth $1.77 billion.
The investment advisor of the Saudi group Shan Abbas Ashari told the media in Karachi today that the major shareholder – Al-Jomaih Power Limited of Saudi Arabia – hinted at selling its shares at the price of $2 billion.
Related: Abraaj sells K-Electric shares to Shanghai Electric worth $1.77 bn
Shan Abbas Ashari said that the deal with Shanghai Electric will be signed again. He added that SEP had made the $1.77 billion offer to own K-Electric many years ago which would be revised now.
The investment advisor of the Saudi group said that the electricity demand in Karachi should have reached 5,000 MWs. He added that the demand would be increased if all industries were shifted to the company’s grid.
Ashari said that Pakistan is the ideal country for making investments for Saudi Arabia and other Gulf countries due to the rapid increase in population as compared to Europe. He, however, said that the Saudi and Kuwaiti investors faced difficulties following the K-Electric deal.