Jiemian.com: SEP to Buy $1.77bn Stake in K-Electric

SEP will acquire 66.4 percent stake in Pakistan's K-Electric (KE) from KES Power for USD 1.77 billion in cash, announced the company on October 30. SEP will provide up to USD 27 million worth of incentives to its counterparty or the parties designated by the latter in view of KE's operation conditions in future.

 

KE is the only fully integrated power utility involved in generation, transmission and distribution in Pakistan, and has exclusive distribution rights for Karachi and its adjoining areas, with a market capitalization of approximately USD 2.5 billion. For the fiscal year ending June 2015, KE's total revenue was USD 1.88 billion and net profit was USD 280 million.

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