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K-Electric has been sold to the Chinese Shanghai Electric for $ 1.77 billion

Shanghai Electric Power has entered into a definitive agreement with a group towers to buy a stake of 66.4% in its subsidiary,

K- Electric Co., Ltd. against the value of $ 1.77 billion.

The official statement issued by the group Towers did not disclose the period the transaction

between the two groups did not mention

but claims that the deal would be one of the largest private sector deals in Pakistan when finished.

This could be good news for the millions of Pakistanis news especially for those who live in Karachi and its suburbs,

and the Chinese Shanghai Electric is specialized in China’s power tool.

a Fortune 500 company listed on the Shanghai Stock Exchange, the company is mainly responsible for the energy supply of Shanghai,

with the generation of 35.23 Terra in 2015.

In contrast, the group Towers Financial Group is based in the United Arab Emirates,

which invests in profitable projects and the liquidation of its shares in the companies

along the lines of the emerging deal.

Not only are there will be a transfer of technology in Karachi but people may end up getting high-quality

services at reasonable prices.

In 2009, the Group tower company invested US $ 361 million in Karachi electricity supply company to get 71 percent of its shares.

The company continued to invest in later years. Made money and handsome as supplied electricity to

2.5 million homes in Karachi.

The company said that the reduction of transmission and distribution losses by more than 12 percentage points.

The electrical K- 12 new network station through the old increase and build new lines to generate electricity

which led to increased transport capacity of 768 MVA.

A few months ago, the company has shown interest in buying Faisalabad Electric Supply.

Condemns electrical K liabilities worth 68 billion rupees to the Sui Southern Gas Company Limited (SSGC),

which did not pay for years, describing these dues for non-payment of electricity bills by government departments.

 

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