Deals
Pakistan’s K-Electric Rises After $1.6 Billion Shanghai Offer
- Shanghai competing with other companies to acquire utility
- K-Electric shares rise to the highest since January 2015
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Pakistan’s K-Electric Ltd. rose to the highest in more than a year and a half after Shanghai Electric Power Co. said it plans to buy a controlling stake in the power utility valued at $1.6 billion.
China’s state-backed Shanghai Electric Power intends to acquire as much as 18.3 billion shares, representing 66 percent of K-Electric, according to a notice sent by offer manager Arif Habib Ltd. to the Pakistan Stock Exchange. K-Electric shares rose 1.3 percent to 9.21 rupees after the announcement, the highest since January 2015. Arif Habib rose by the 5 percent limit, the most in a month.