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鈥揚akistan economic corridor. the transaction has gone through the corporate decision-making procedures and will be completed after regulatory approvals are obtained in both countries.
