China -based Shanghai Electric power company will purchase a controlling stake in Bloomberg , a power generation and distribution firm in Pakistan , Pakistan , for $ 1.77bn after Abraaj Group confirmed its divestment of its 66.4 percent stake in the company. Serving approximately 2.2 million people in and around the city, the company operates both thermal power generation and distribution. Dubai-based Abraaj Group said it had entered into a definitive agreement with China's state-backed Shanghai Electric to divest its 66.4 percent stake in K-Electric. Chinese firms have announced $ 10bn of overseas utility acquisitions the same period in 2015 , up from $ 24 m during this year , according to Bloomberg .
China -based Shanghai Electric power company will purchase a controlling stake in Bloomberg , a power generation and distribution firm in Pakistan , Pakistan , for $ 1.77bn after Abraaj Group confirmed its divestment of its 66.4 percent stake in the company. Serving approximately 2.2 million people in and around the city, the company operates both thermal power generation and distribution. Chinese firms have announced $ 10bn of overseas utility acquisitions the same period in 2015 , up from $ 24 m during this year , according to Bloomberg .