Shanghai Electric bids for stake in K-Electric

China’s state-backed Shanghai Electric Power said it is bidding to acquire a stake in Pakistani utility K-Electric Ltd, which has a total market value of $2.3 billion.

“Our company has embarked on preliminary work on the acquisition of a stake in K-Electric. We have not entered into any exclusive negotiations yet and the size of the stake has also not been firmed up,” Shanghai Electric said in a statement on the Shanghai stock exchange on Monday.

It said it is not the only company participating in the bidding process.

Dubai-based private equity firm Abraaj Group has flagged its intention to sell its stake of about 66 percent in K-Electric, which supplies power to over 2.2 million customers in and around Karachi.

As of Monday, Abraaj’s stake was valued at around $1.5 billion. The Pakistan government owns about 24 percent in K-Electric

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