The Vice Chief Economist, of, Chinese company M/s Shanghai Electric Power (SEP) Shi Mingwei has written a formal letter to the Privatisation Commission stating that the company is ready to start discussions on the pending issues of KE.
SEP is interested in purchasing 66.4 per cent shares of M/s Abraaj Group in KE. SEP has clearly stated that exclusivity of KE will greatly affect SEP’s decision of completing this transaction “We have to make clear that whether KE can maintain its exclusivity right, will heavily affect SEP’s interest to consume this transaction,” Shi Mingwei wrote in the letter.
Furthermore SEP is expecting a clear settlement for KE’s past dispute, and a reciprocity principle to settle future dues. “If GoP insists to use arbitration to settle this issue, then a fair arbitration ToR, including but not limited to the reciprocity principle, needs to be agreed between GoP, KE and KESP,” said the letter
“Please understand we can only resume our discussion through this method due to the global pandemic. Hope we can find some common understanding in principle, and look forward to hear back from you soon,” the SEP representative concluded.
