KES Power Limited, a holding organization for Karachi Electric Supply Company (KESCO) reports that Abraaj gathering is thinking about stripping its stake for the organization.
A letter from KES Power to KESCO Described Following things:
Abraaj is assessing the likelihood of stripping (straightforwardly or by implication) it’s shareholding in K-Electric, which will be liable to a recommended deal process, due ingenuity and execution of restricting documentation
KESCO certified this in a documenting to the Pakistan Stock Exchange that they have gotten such a letter from KES Power.
Chinese Owners Interested in Acquisition
As indicated by a report, two Chinese organizations are keen on offering for KESCO too. One is the state possessed Shanghai Electric Power, while the other is a Chinese clean-vitality bunch known as Golden Concord Holdings. In an announcement issued by Shanghai Electric at the Shanghai Stock trade, the organization said:
Our organization has set out on preparatory work on the procurement of a stake in K-Electric. We have not gone into any selective arrangements yet and the extent of the stake has likewise not been solidified.
The Abraaj Group
Abraaj bunch, a private value firm situated in Dubai, possesses 66 percent shares of KESCO. The shares, taking into account assessments made on Monday, stand at around $1.5 billion. Pakistani government possesses 24 percent of the shares. The rest of the shares are in the free-coast structure, available for use at Pakistan Stock Exchange.
The Chinese organizations have been approached to present their offers for the 66% offer before the months over. French worldwide vitality bunch Engie and one other speculation gathering are likewise taking an interest in the last round for the offering as indicated by reports.
Taking after China-Pakistan Economic Corridor ventures, it appears to be likely that the shares for KESCO will be obtained by the state possessed Shanghai Electric.