Xinhua: SEP to Acquire Stake in Pakistan Company

Shanghai Electric Power Co., Ltd. (SEP), a listed subsidiary of State Power Investment Corporation (SPIC), has signed an agreement with Dubai-based Abraaj Group on the purchase of 66.4 percent stake of the Pakistan-based K-Electric Limited (KE) in Beijing lately, which marks a significant milestone in SEP's acquisition of KE, SPIC told Xinhua on October 31.

 

KE is the key power supplier to Karachi and adjoining areas. Operating five power plants with a total installed capacity of 2,243 MW, KE has 69 grid stations and 21,817 sub-stations.

 

Over the course of the KE deal, SPIC conducted various workshops on the feasibility of the deal. The transaction has gone through the corporate decision-making procedures and will be completed after regulatory approvals are obtained in both countries.

 

Industry observers said that SEP's acquisition of KE is in line with China's "Belt and Road" Initiative, and will contribute significantly to the China–Pakistan Economic Corridor.

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