Power deal seen to electrify
Print Edition
CHINESE multinational Shanghai Electric is buying the utility serving Pakistan’s biggest city of Karachi in a US$1.6 billion deal that will be the biggest private-sector acquisition in the country’s history.
China is stepping up investment in its South Asian neighbor as part of a US$46 billion project unveiled last year that will link its western Xinjiang region to Pakistan’s Gwadar port with a series of infrastructure, power and transport upgrades.
“We have received the public announcement of intention for acquisition of up to 66.4 percent of the shares of K-Electric Limited by Shanghai Electric Limited,” a Pakistan Stock Exchange notice said.
The Karachi Electric Corporation, set up in 1913 as a public-sector firm, was sold to Saudi Arabia’s Aljomaih Group in 2005, who in turn sold it to Abraaj Capital of the United Arab Emirates.
“Chinese interest is tremendous in Pakistan and the new deal would be quite attractive to strengthen cooperation under CPEC,” said Taha Javed, director of research at Alfalah Securities, referring to the China-Pakistan Economic Corridor.
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