A ministerial meeting on Tuesday approved the sale of K-Electric to Shanghai Electric Power and also approved Chinese investors’ business plan worth $9 billion for improvement in the power infrastructure including transmission, distribution and generation.
An official statement said that the meeting of the committee constituted by the Cabinet Committee on Energy (CCE) for discussion on K-Electric transaction was held under the chairmanship of minister for Water and Power.
The Petroleum and Natural Resources minister, Privatization Commission chairman and Board of Investment chairman also attended the meeting. Senior officials of ministries of Water and Power, Petroleum, Finance and Law also attended the meeting.
Shanghai Electric Power, new proposed shareholder of K-Electric, along with the management of KE presented their business plan worth $9 billion for improving and value adding in the KE power infrastructure including transmission, distribution and generation.
Shanghai Electric Power, one of the largest companies in power sector in China, also shared their profile and international expertise and similar experience. The government appreciated and welcomed the investment and change of shareholder in K-Electric.
The government also highlighted the need for K-Electric to synchronize their plans of investment to bring up the infrastructure and the generation facilities, with the overall national plan for minimizing and eliminating load shedding in the country by 2018. The government ensures its support to the efforts for improvement in the quality and quantity of service to the consumers of K-Electric.