China’s Shanghai Electric to buy K-Electric for $1.6b
China is stepping up investment in Pakistan as part of a $46 billion project unveiled last year that will link its western Xinjiang province to Gwadar port with a series of infrastructure, power and transport upgrades.
"We have received the public announcement of intention for acquisition of up to 66.4 percent of the shares of K-Electric Limited by Shanghai Electric Limited," a Pakistan Stock Exchange notification said.
The Karachi Electric Corporation, set up in 1913 as a public-sector company, was sold to Saudi Arabia's Aljomaih Group in 2005, who in turn sold it to the UAE's Abraaj Capital.
K-Electric’s share price increased 1.32% to Rs9.21 at the Pakistan Stock Exchange (PSX) Tuesday.
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