Shahnghai Electric has intimated SECP and Pakistan stock exchange that it is extending the Timeline of the bid for acquisition of 18,335,542,678 ordinary shares of KE constituting up to 66.40 percent of the total issued and paid up capital of KE.
The notice states that as both parties are putting efforts for getting desired approvals from respective authorities, however Certain of these approvals are yet to be issued and as such the parties under this Transaction cannot complete the Transaction before receipt thereof.
The deadline for making the public announcement of offer is September 29, 2021. However, in view of the above, the Acquirer is extending the date for Public Announcement of Offer by ninety (90) days pursuant to Regulation 7 (1) of Listed Companies (Substantial Acquisition of Voting Shares and Take Overs) Regulations, 2017 (the “Regulations”) read with amendments to the Regulations vide S.R.O 638 (1)/2021 dated May 28, 2021. Therefore, the time for making the Public Announcement of Offer in respect of the Transaction is extended till December 28, 2021.
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