KARACHI: Chinese multinational Shanghai Electric is set to buy the utility serving Pakistan’s biggest
city of Karachi, in a $1.6 billion deal that will be the biggest private-sector acquisition in the
country’s history (Electricity Pakistan).
China is stepping up investment in its South Asian neighbour as part of a $46 billion project unveiled
last year that will link its western Xinjiang province to Pakistan’s Gwadar port with a series of infrastructure,
power and transport upgrades.
“We have received the public announcement of intention for acquisition of up to 66.4 percent of the
shares of K-Electric Limited by Shanghai Electric Limited,” a Pakistan Stock Exchange notification said.
The Karachi Electric Corporation, set up in 1913 as a public-sector company, was sold to Saudi Arabia’s
Aljomaih Group in 2005, who in turn sold it to the UAE’s Abraaj Capital.