Shanghai Electric pulls offer to buy KE

KARACHI: Shanghai Electric Power Company withdrew its offer to acquire up to 66.4 per cent of K-Electric Ltd, the manager of the offer said in a notice to the Pakistan Stock Exchange on Monday.

The deadline for making a firm offer for the K-Electric stake expired on April 20 and Shanghai Electric has withdrawn its bid, Arif Habib Ltd, the manager said in the notice to the bourse.

KE is the only electricity generator, transmitter, and distributor for Karachi, the country’s largest city...