June 26, 2020 (MLN): The approval from SECP for requested extension of 90 days for making Public Announcement of Offer by Shanghai Electric Company (Acquirer) to acquire 66.4 percent shares of K-Electric Limited will lapse as of June 26, 2020, on the basis that certain regulatory and other approvals for the Transaction remain outstanding.
Arif Habib Limited, the Manager to the offer for this acquisition, made an announcement that as of the expiry date, June 26, 2020, the PoI stands withdrawn.
However, in a notification to PSX, Shanghai Electric remain fully committed to consummate the transaction pending receipt of regulatory and other approvals
The Acquirer shall make a fresh public announcement of intention in accordance with the prescribed formalities immediately with effect from the Expiry Date.
This process of withdrawal and re-issuance of the Pol is being undertaken to ensure compliance with the law. Accordingly, the transaction will be consummated immediately upon receipt of the remaining regulatory and other approvals.
Earlier, Shanghai Electric had made a Public Announcement of Intention to acquire 18,335,542,678, representing 66.40% of the total issued share capital of K-Electric Limited on September 30, 2019. As a part of acquisition, it had requested an extension of 90 days in making the PoI which was to be made by March 28, 2020 as per regulation.
