K Electric : Disclosure under Takeover Regulations - Shanghai Electric Power Company Limited (SEP), Fresh Public Announcement of Intention to acquire up to 66.4% of the ordinary share capital of K-Electric Limited
September 28, 2022 at 11:56 pm IST
Share
Public Announcement of Intention to acquire up to 66.40% shares or control of K-Electric Limited
by
Shanghai Electric Power Company Limited
under
Securities Act 2015
Part-A
Brief Description of the Intended Acquisition:
Intended Acquisition through
Number of Shares
Percentage
Agreement
18,335,542,678
66.40%
Public Offer
4,639,825,784
16.80%
Part-B
Information about the acquirer
Name and Address of acquirer along with persons acting in concert if any. Name: Shanghai Electric Power Company Limited ("SEP")
Address: No. 268 Zhongshan Road South, Shanghai, People's Republic of China
Name of the ultimate acquirer or the ultimate controlling shareholder Name: State Power Investment Corporation
Name and address of Manager to the offer of the acquirer Name: Arif Habib Limited
Address: 2nd Floor, Arif Habib Centre, 23 M.T. Khan Road, Karachi, Pakistan
Principal area of business of acquirer and relevant experience
SEP was established in 1882 and then transformed into a limited company in 1998. With a long history of 140 years, SEP is one of the major electric energy companies in Shanghai and is also a publicly-traded company listed on Shanghai Stock Exchange under ticker 600021. It is principally engaged in the development and construction of electricity, as well as its operation and management business. For the financial year ended December 31, 2021, SEP recorded an annual net profit of RMB 1.3 billion (US$ 209.54 million) and an annual power generation of 59.74 TWh. As of December 31,2021, SEP has an overall installed capacity of 19.05 GW, with contributions of 44.76 %, 15.04 %, 19.94 %, and 20.26 % from coal power, natural gas power, wind power, and solar power respectively.
In case the acquirer is a company
Name of the Chief Executive: Wei Juliang Name of Directors:
Detail of companies where the intended acquirer(s) hold more than thirty percent voting shares: SEP has 292 subsidiaries based on its 2021A Annual Report available on its website (in Chinese).
The acquisition may be undertaken by acquirer directly or through an existing subsidiary of the acquirer or a separate/new subsidiary / a consortium led by the subsidiary of the acquirer. The detail of which shall be provided to the Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange upon finalization.
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K-Electric Ltd. published this content on 28 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2022 18:25:01 UTC.
K-Electric Limited is a Pakistan-based company, which is principally engaged in the generation, transmission, and distribution of electric energy to industrial and other consumers. Its segments include Generation, Transmission and Distribution. The Company supplies power to all residential, commercial, industrial, and agricultural areas that fall under the city's ambit and beyond, serving over 2.5 million customers across Karachi, Dhabeji and Gharo in Sindh, and Uthal, Vinder and Bela in Balochistan. It produces electricity from its own generation units with installed capacity of about 1875 megawatts (MW) and in addition, it has arrangements with external power producers for around 1680 MW, which include 1100 MW from the national grid. Its transmission system consists of approximately 1354 kilometers of 220 kilovolts (kV), 132kV and 66kV lines, with 71 grid stations, 20 auto transformers and 181 power transformers. Its distribution network spans across 6,500 square kilometers.
K Electric : Disclosure under Takeover Regulations - Shanghai Electric Power Company Limited (SEP), Fresh Public Announcement of Intention to acquire up to 66.4% of the ordinary share capital of K-Electric Limited