Abraaj to Sell Pakistan K-Electric Stake to Shanghai Electric for $1.77 Bln

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Abraaj Group has agreed to sell its majority stake in Pakistan’s K-Electric to Shanghai Electric Power Co for $1.77 billion, the emerging market-focused private equity firm said on Sunday.

Abraaj-controlled KES Power will divest the 66.4 percent stake subject to regulatory approvals being obtained.

The private equity firm first acquired its stake in 2009, but said in June 2014 that it had mandated Citigroup to evaluate options for the investment.

Source: Reuters