Karachi (HRNW) KARACHI: Sindh Energy Minister Imtiaz Sheikh said the provincial government should be taken into confidence before transfering the ownership/ sale of shares of K-Electric.
The minister said the provincial government was investigating reports regarding the transfer of ownership of the power utility to a foreign company. He said a letter will be written to the federal government regarding the possible sale or transfer of ownership.
The minister said Sindh Government will protect the rights of the people of Karachi. He said the provincial government is in regular contact with the Centre and NEPRA to solve the complaints of power consumers. He said the provincial government should be directly involved and consulted in the sale.
The minister was reacting to reports that China’s state-owned Shanghai Electric Power (SEP) has renewed its commitment to acquire K-Electric.
The sale has been delayed for more than five years after pending financial disputes. In October 2016, SEP agreed to acquire 66.40% shares in the Karachi-based power company for $1.77 billion.
K-Electric Company Secretary Rizwan Pesnani communicated to the Pakistan Stock Exchange (PSX) on Wednesday that the company has received a fresh takeover offer.
“K-Electric has received a fresh public announcement of intention (PAI) from Shanghai Electric Power Company Limited to acquire up to 66.40% voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals,” the statement said.
In June this year, Prime Minister Shehbaz Sharif formed a task force and instructed Shahid Khaqan Abbasi to resolve all pending issues regarding the deal within three months.
A month ago, Minister for Energy (Power Division) Khurram Dastgir visited the KE headoffice in Karachi and reportedly discussed the matters pertaining to KE sell-off with its management.