In a big development, the Shanghai Electric Power Company Limited has announced to shelve its plan to buy the shares of the K-Electric, reported 24NewsHD TV channel.

The Shanghai Electric Power Company has formally informed the K-Electric about its decision in black and white.

Earlier in September, the K-Electric announced that it had received an intimation for extension in timeline for the public announcement of offer (PAO) for the acquisition of up to 66.40% ordinary shares of the power utility by Shanghai Electric Power Company Limited, in a notice sent to the Pakistan Stock Exchange (PSX).

The announcement came in reference to the earlier public announcement of intention (PAI) published on April 2, 2021 to acquire 18,335,542,678 ordinary shares of K-Electric Limited (the target company) representing 66.40% of the total issued and paid-up capital.

Reporter Habib Khan