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China’s Shanghai Electric to buy K-Electric for $1.6b

10:58 PM | 31 Aug, 2016
China’s Shanghai Electric to buy K-Electric for $1.6b
KARACHI (Web Desk) - Chinese multinational Shanghai Electric is set to acquire K-Electric, in a $1.6 billion deal that will be the biggest private-sector acquisition in the country's history.

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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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 14 July 2024

Pakistani currency rates against US Dollar and other currencies on July 14, 2024 (Sunday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25  303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65

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