Shanghai Power allowed 90 more days for PAO to buy 66.4pc KE shares

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has allowed a 90 days extension to Shanghai Power Company to make public announcement of an offer to acquire 66.40 percent ordinary shares of K-Electric Limited.
According to a communication to Pakistan Stock Exchange (PSX) on Tuesday, the SECP has granted the extension of ninety days to make a Public Announcement of Offer by Arif Habib Limited on the behalf of the acquirer, Shanghai Electric Power Company Limited, which now may be made till March 27, 2021. Arif Habib Limited has been appointed as the manager to the offer by the acquirer.
For the unversed, Shanghai Electric had made a Public Announcement of Intention to acquire 66.4% of the total issued and paid-up capital shares of K-Electric Limited on June 30, 2020. As part of the acquisition process, the Acquirer had requested an extension of 90 days in making the Public Announcement of Offer pursuant to the provision to Regulation of Listed Companies Regulations, 2017. – TLTP