ISLAMABAD: K-Electric Limited (KE) has clarified that it has not received any official confirmation from its indirect shareholder, KES Power Limited (KESP), about reports claiming that KESP plans to sell its stake to a Saudi investor.
In a statement submitted to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP), KE said it had asked KESP for verification after media reports suggested that one of KESP’s shareholders had signed a memorandum of understanding (MoU) with a Saudi investor for a possible stake sale.
KE said it did not receive any formal response from KESP but got a clarification from one of its directors, Shan A. Ashary, who represents Aljomaih Power Limited — one of KESP’s indirect shareholders.
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In his letter dated October 15, 2025, Ashary dismissed the reports as “factually incorrect and speculative.” He clarified that businessman Shaheryar Chishty “does not own any shares in KESP and therefore cannot sell any shares.” He further said that KESP’s shareholders remain Aljomaih Power Limited, Denham Investment Ltd, and IGCF SPV 21 Ltd.
Ashary also confirmed that there has been no sale, transfer, or agreement to sell any shares of KESP, adding that any such deal would require approval under the Shareholders’ Agreement and from the Grand Court of the Cayman Islands. “There has been no change in ownership or control,” he stressed.
K-Electric’s clarification comes amid market speculation about possible changes in the ownership structure of the power utility that supplies electricity to Karachi and nearby areas.
