Abraaj reaches agreement to sell $1.77bn K-Electric stake to China's Shanghai Electric

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.

“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.

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