A delegation of Shanghai electric led by the Vice Chief Economist Shanghai Electric Power Mingwei Shi called on the Minister for Planning, Development and Reform Makhdum Khusru Bakhtyar at Islamabad.
Mingwei Shi said that Shanghai Electric’s investment in purchasing K-Electric is only the beginning and the company is interested to further expand its investment portfolio in power sector of Pakistan. Minister Bakhtyar was briefed about the latest status and issues in finalizing the transaction for purchase of KES power. Mingwei Shi requested the minister to facilitate the process for early completion of transaction. Member Energy, Member Private Sector and senior officials of the ministry were also present in the meeting.
On October 26th 2016 SEP and KES power concluded a transaction for SEP to acquire 66.4% stake in KE and to invest $9 billion in the next years. The SEP is a subsidiary of the State Power Investment Cooperation (SPIC) one of China’s largest power enterprise. The SEP currently provides 30,000 megawatts electricity to Shanghai, China’s economic hub, and has proven its technical capabilities in the power sector investments in other parts of the world.
Chief executive officer K- Electric Moonis Alvi has been quoted saying that “The proposed deal has been recognized as the highest value private transaction in history of Pakistan’s economy and will set a positive precedent, as it represents major investment in Pakistan by an international power giant with outstanding technical capabilities and major investment plans. Once completed this transaction will strengthen Pakistan’s potential as a welcome investment destination.”
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