Engro Corp additionally says that it has not made any decision to purchase shareholding in company
Engro Corp additionally says that it has not made any determination to purchase shareholding in firm. PHOTO: FILE
KARACHI: Okay-Electrical stated on Thursday the hearsay about Engro Company and Shanghai Company buying a stake in Okay-Electrical is “incorrect and speculative.”
“Kindly word that we’ve not been notified of any transaction that has been entered with any entity relating to acquisition of Okay-Electrical,” stated firm’s Director Finance Muhammad Rizwan Dalia in a inventory discover.
Equally, Engro Company additionally issued a press release to make clear that it has not made any choice to purchase a shareholding in Okay-Electrical.
“(Re) the information merchandise circulating in sure sections of print and digital media stating that Engro Company has proven curiosity in a bid to buy Okay-Electrical, the corporate clarifies that it has neither expressed curiosity nor participated in any bid to buy Okay-Electrical,” the assertion stated.
The general buying and selling quantity shot up fifty nine% on Thursday primarily due to the elevated buying and selling exercise within the inventory of Okay-Electrical. Okay-Electrical shares constituted over one-quarter of the entire traded shares on the inventory market.
In line with Topline Securities, Okay-Electrical led volumes with one hundred ten million shares whereas the inventory worth went up 2.2% to shut at Rs8.eighty one per share.
In an interview with The Categorical Tribune carried out final month, Engro Company President Khalid Siraj Subhani had remained noncommittal. “Engro isn’t concerned within the Okay-Electrical transaction proper now,” he had stated.
Nevertheless, he had hastened so as to add that it “is sensible” for Engro Corp to accumulate distribution corporations. “It isn’t out of our area. Whether or not we purchase a distribution firm or not, solely time will inform,” he famous.
Through the earlier a part of the day, phrase had it that Shanghai Company would purchase fifty one% whereas Engro Company would purchase a 15% stake within the electrical energy distribution firm.
In accordance with a notice issued by Arif Habib Restricted, the federal government had privatised Okay-Electrical with seventy three% switch of possession to a consortium comprising of Al Jomaih Group of Saudi Arabia and Nationwide Industries of Kuwait again in November 2005. An extra change of possession within the entity occurred in September 2008 when Abraaj Capital acquired a majority stake (sixty nine%) alongside full administration management.
The principal actions of Okay-Electrical embrace era, transmission and distribution of electrical energy, it stated. “It has a shopper base of roughly 2.5 million clients comprising residential (forty seven.four%), business (7.9%), industrial (32.three%) and public sector (12.four%),” it added.
Revealed in The Categorical Tribune, August 12th, 2016.
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