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Showing posts with label Pakistan Stock Exchange. Show all posts
Showing posts with label Pakistan Stock Exchange. Show all posts

Wednesday, July 1, 2020

Shanghai Electric interested in acquiring 66.4% share in K-Electric


By Masood Sattar Khan
(Pakistan News & Features Services)

K-Electric (KE) may have been under fire lately at home for its indifferent services to the large base of its customers in Karachi but Shanghai Electric Power Company Limited (SEP) have showed renewed interested in acquiring its major shares. 

The KE authorities have submitted a letter to the Pakistan Stock Exchange Limited (PSX), whose copy was seen by PNFS, informing them about the expression of interest in their entity by SEP. Arif Habib Limited are the managers to the offer of the acquirer.

“In accordance with Section 96 of Securities Act, 2015 and Clause 5.6.1 (a) we hereby convey the following information: KE has received fresh Public Announcement of Intention from Shanghai Electric Power Company Limited to acquire upto 66.40% voting shares of KE. The PSX is requested to make the above information immediately available to the KE shareholders,” the KE official wrote to the PSX in a letter dated June 30, 2020, attaching a copy of Public Announcement of Intention from SEP. 

According to the letter, SEP intends to acquire 18,335,542,678 ordinary shares of KE which is equivalent to 66.40% of the KE’s total issued share capital. 

It may be recalled that the Securities Exchange Commission of Pakistan (SECP), on March 30, had granted 90-day extension to SEP to make a public announcement of offer to acquire 66.40% percent shares of KE.

Monday, June 29, 2020

Attack on Pakistan Stock Exchange; China condemns


By Masood Sattar Khan
(Pakistan News & Features Services)

China has condemned the terrorist attack on the Pakistan Stock Exchange (PSX) in the southern port city of Karachi on June 29. 

“We firmly oppose any form of terrorism and fully support Pakistan’s efforts in combating terrorism and upholding national security and stability,” the Chinese Foreign Ministry’s spokesperson, Zhao Lijian, stated during the regular press briefing in Beijing when asked about China's response on the terrorist attack in Karachi. 

He also extended condolences and sympathies with families of those people and security forces personals having sacrificed their lives or sustained injuries during the course of encounter with terrorists. “We condemn all forms of terrorist attacks and we also mourn the victims of this incident,” the Chinese official observed. 

According to information gathered by PNFS, as many as four terrorists stormed the sprawling building of the PSX located at the country's economic hub in Karachi. 

Before the terrorists could enter inside the building, the security forces, including private security guards, shot down all the outlaws at the security check-post. The terrorists could be seen armed with weapons that included AK-47s, hand grenades and rocket launchers. They were also found to be carrying food and water. 

The security officials claimed that the terrorists’ modus operandi appeared to be similar to the one witnessed during the attack at the Chinese Consulate in Karachi a few years ago. 

The militants surfaced from the Railway Ground parking area and opened fire outside the PSX ground. They made their way to the main gate of the building and stormed it after trading fire with the security guards. 

They lobbed hand grenades and opened fire initially at the compound entrance to force their way into the main building but one of them was killed immediately which didn’t allow them to carry out their mission of causing further damage. 

The police and Rangers' officials arrived at the scene and killed all the four terrorists near the entrance gates, Sindh Rangers said, adding that the militants could not enter the trading hall, adding that trading had not been stopped. 

The firing by militants, however, caused panic among the people in the building. The PSEX building as well as the surrounding areas had been sealed and people were evacuated from the back door.