The K-Electric transaction only marks the beginning of SEP's cooperation with Abraaj and we look forward to further collaboration between the two parties in many other areas in the future," Wang Yundan, Shanghai Power's chief executive, said in a statement. China-based Shanghai Electric power company will purchase a controlling stake in K-Electric, a power generation and distribution firm in Karachi, Pakistan, for $1.77bn after Abraaj Group confirmed its divestment of its 66.4% stake in the company. Serving approximately 2.2 million people in and around the city, the company operates both thermal power generation and distribution. The deal is expected to close by end of this year, subject to regulatory approvals.
China-based Shanghai Electric power company will purchase a controlling stake in K-Electric, a power generation and distribution firm in Karachi, Pakistan, for $1.77bn after Abraaj Group confirmed its divestment of its 66.4% stake in the company. Serving approximately 2.2 million people in and around the city, the company operates both thermal power generation and distribution. The deal is expected to close by end of this year, subject to regulatory approvals.