China’s Shanghai Electric to buy $1.77bn stake in K-Electric

China's Shanghai Electric to buy K-Electric

KARACHI: The Abraaj Group has announced that an Abraaj-controlled company, KES Power, has entered into a definitive agreement to divest its 66.4% shareholding in K-Electric to the Shanghai Electric Power Company Limited (SEP) for a consideration of $1.77 billion. SEP is a state-owned enterprise controlled by State Power Investment Corporation, a Fortune 500 company. Listed on the Shanghai Stock Exchange, it …

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