The Abraaj Group on Sunday announced that a $1.77 billion stake in K-Electric will be sold to China’s state-backed Shanghai Electric Power.
The Abraaj Group boasted that the company has undertaken one of the largest private sector transactions in the country.
"Upon completion, this will be one of the largest private sector transactions in Pakistan and represent one of the global power industry’s most well-recognised operational turnaround stories," said a press release issued by the Abraaj Group.
The Abraaj Group has entered into "a definitive agreement to divest its stake in K-Electric to Shanghai Power Company for $1.77bn," the statement said.
Abraaj enters into a Definitive Agreement to divest its Stake in K-Electric to Shanghai Electric Power for US$1.77BN https://t.co/eYi0jz9FAd
— The Abraaj Group (@abraajgroup) October 30, 2016
Shanghai Electric Power, a subsidiary of the State Power Investment Corporation of China, is engaged in the generation and transmission of electricity, and the operation and maintenance business in the energy service sector, it said.
