According to the Zhitong Finance APP, Shanghai Electric Power (600021.SH) announced that the company planned to acquire 18.336 billion shares of K-ELECTRIC LIMITED (hereinafter referred to as "KE Company") held by KES POWER LTD. (hereinafter referred to as "KES Energy Company") for cash, accounting for 66.40% of KE Company's total issued share capital, with a payable consideration of USD 1.77 billion, and to grant a total bonus of no more than USD 27 million to the transaction party or its designated party based on the operating conditions of the target company.

Since planning this major asset purchase, the company has strictly followed the relevant laws, regulations, and normative documents, actively promoting various tasks related to this major asset purchase. Given that the transaction party has consistently failed to meet the closing conditions and the changes in the business environment in Pakistan have caused this transaction to no longer align with the company's international development direction, after careful research and analysis, the company has decided to terminate this major asset purchase to effectively safeguard the interests of the company and all shareholders. Due to KES Energy Company’s failure to meet the closing conditions stipulated in Article 4.1 of the Share Purchase Agreement, Shanghai Electric Power has the right to terminate the agreement in accordance with Article 4.8 of the Share Purchase Agreement