KARACHI: Arif Habib Limited, on behalf of Shanghai Electric Power Company Limited, has submitted a fresh Public Announcement of Intention (PAI) to directly or indirectly acquire up to 66.40 percent ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited, subject to receipt of requisite regulatory and other approvals. Arif Habib Limited announced this through a notice that it sent to Pakistan Stock Exchange on Wednesday. Its notice is with reference to the original Public Announcement of Intention (PAI) on behalf of the acquirer dated June 30, 2020 and subsequent notice of withdrawal dated March 27, 2021 on account of lapse in the prescribed time period for making public announcement of offer (as extended by the Securities and Exchange Commission of Pakistan).
“In terms of communicated in the notice of withdrawal and in accordance with the Securities Act, 2015 read with the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulation, 2017, we are pleased to submit a fresh Public Announcement of Intention by Shanghai Electric Power Company Limited to directly or indirectly acquire up to 18,335,542,678 ordinary shares of K-Electric Limited (the Target Company) representing 66.40 percent of the total issued share capital of the Target Company, subject to receipt of requisite regulatory and other approvals (Transaction),” the notice sent to PSX says. “Arif Habib Limited will act as Manager to the Offer. The Public Announcement of Intention [PAI] shall be published in one English and one Urdu language daily newspapers on April 02, 2021,” the notice added.