Shanghai Electric renews intention to buy KE

Updated Jul 01 2020

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“This PAI has been notified to the K-Electric board of directors on June 30,” the utility said.
— KE website/File
“This PAI has been notified to the K-Electric board of directors on June 30,” the utility said. — KE website/File

KARACHI: K-Electric announced on Tuesday that it had received a fresh public announcement of intention (PAI) from Shanghai Electric Power (SEP) to acquire up to 66.40 per cent voting shares in it, subject to receipt of regulatory and other approvals.

“This PAI has been notified to the K-Electric board of directors on June 30,” the utility said.

Concurrently, Arif Habib Ltd — manager to the offer of the acquirer — stated that they were pleased to submit a fresh PAI by SEP to directly or indirectly acquire up to 18.336 billion shares of KE, representing 66.40pc of the total issued share capital of the company, subject to receipt of requisite regulatory and other approvals.

The public offer would be for 4.640bn shares or 16.80pc of the equity. The new announcements are routinely made by the parties on the expiry of the prescribed time period for making public announcement of offer (as extended by the Securities and Exchange Commission of Pakistan) which in this case was up to June 27.

Indus Motor appoints board chairman

Indus Motor Company announced that its board in a meeting held on June 26 appointed Mohamedali R. Habib as chairman effective immediately to fill the vacancy occurred due to the demise of Ali S. Habib — the founding director and chairman — on April 17.

The company also appointed Muhammad Hyder Habib as director with effect from June 26 to fill the casual vacancy occurred due to the demise of Ali S. Habib.

Further, it accepted the resignation of Tadao Nasu as the Director of the company and appointed Noriaki Kurokwa in place with effect from June 26. Moreover, Tsuyonshi Haginiwa has been named alternative director in the absence of Noriaki Kurokawa who would be absent from Pakistan for more than 90 days.

Published in Dawn, July 1st, 2020