Economic Daily: SEP to Acquire Stake in Pakistan K-Electric

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.

 

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, with 2.5 million customers and a coverage area of 6,500 km2. It is said that SEP's acquisition of KE is a significant move by the company to implement SPIC's strategy of international development and will contribute significantly to the China–Pakistan Economic Corridor. The transaction has gone through the corporate decision-making procedures and will be completed after regulatory approvals are obtained in both countries.

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