Shanghai Electric Power Company Limited has withdrawn the Public Announcement of Intention (PAI) for the acquisition of up to 66.4 percent of the voting shares of K-Electric Limited.
A notification released by the manager to the offer, Arif Habib Limited, stated that the time period for making the public announcement of the offer (as extended by the acquirer) will lapse as of December 28 on the basis that certain regulatory and other approvals for the transaction remain outstanding.
However, the notice informed that as the Shanghai Electric Company continues to be fully committed to consummate the transaction pending receipt of regulatory and other approvals, it would make a fresh PAI via Pakistan Stock Exchange (PSX) on December 29 and shall publish the same in the newspaper within two working days of such notification in accordance with the prescribed formalities.
The notice further stated that this process of withdrawal and re-issuance of the PAI is being undertaken to ensure compliance with the law. Accordingly, the transaction will be consummated immediately upon receipt of the remaining regulatory and other approvals.