Shanghai Electric Power ends K-Electric acquisition after nine years

Shanghai Electric Power Company Limited (SEP) has officially terminated its planned acquisition of 66.40% of K-Electric Limited (KE) from KES Power Ltd. The acquisition, initially valued at $1.77 bn with a potential bonus of up to $0.27 bn, was first disclosed in October 2016. The decision, approved by the company's board on September 9, 2025, stems from KES Energy Company’s failure to meet prerequisite conditions and changes in Pakistan’s business environment.

The company stated that the termination will not adversely affect its current production, operations, or financial position, nor does it harm the interests of the company and its shareholders. SEP emphasized its commitment to a "balanced growth strategy," focusing on strengthening its operations in Shanghai, expanding domestically, and strategically developing overseas to drive high-quality, sustainable growth and shareholder returns.

SEP clarified that this termination will not impact its overseas strategic development, which has seen over a decade of internationalization, with a strong presence in countries like Japan, Hungary, and Turkey. The company aims to continue its green and low-carbon transition, prioritizing high-quality new energy projects.