President Zardari assures Shanghai Electric of amicably resolving ‘any outstanding issues’

The firm last week decided to terminate its offer to acquire up to 66.4 per cent of K-Electric Ltd due to changes in Pakistan’s business environment. It added that since the planning of the “major asset purchase”, the company had strictly adhered to relevant laws, regulations, and normative documents, actively promoting the various tasks involved in this major asset purchase. “Given that the counterparty has consistently failed to meet the conditions precedent for closing and the changes in the business environment in Pakistan have rendered this transaction no longer aligned with the company’s international development direction, after careful study and analysis, in order to effectively safeguard the interests of the company and all its shareholders, the company has decided to terminate this major asset purchase,“ it had said.