ISLAMABAD: In a major development of Pakistan’s power sector, Pakistani entrepreneur Shaheryar Chishty who is the chairman of AsiaPak Investments on Friday confirmed the sale of 53.8 percent shares in KES Power Limited (KESP) — the company that holds 66.4 percent of K-Electric’s ownership — to Saudi investor Prince Mansour bin Saud, marking a landmark deal that could end years of ownership disputes surrounding the country’s largest power utility.
When The News asked Chishty whether the day’s memorandum of understanding (MoU) with the Saudis meant he intended to sell his shareholding in KESP, he replied, “Yes, selling all our shares to Prince Mansour,” adding that the transaction covers 53.8 percent of KESP, which owns 66.4 percent of K-Electric.
The signing ceremony took place at the Chief Minister’s House in Karachi, attended by top Saudi and Pakistani officials. The agreement represents a major step in Saudi Arabia’s investment drive in Pakistan’s energy sector and is expected to attract fresh foreign capital into Karachi’s power generation, transmission, and distribution infrastructure.
Officials called the deal a breakthrough for Pakistan’s energy market, likely ending the prolonged ownership tussle that had discouraged major investors such as Shanghai Electric from entering the sector.
According to the Sindh Chief Minister’s Office, a 30-member delegation of the Pakistan-Saudi Business Council arrived in Karachi for the event and was received by Chief Minister Murad Ali Shah, who highlighted Sindh’s success under the public-private partnership model and invited Saudi investors to explore opportunities in multiple sectors.
Prince Mansour bin Saud said Saudi Arabia sees “significant potential in Pakistan’s privatization process” and is committed to long-term cooperation in the energy sector. Two MoUs were signed during the event — one covering the purchase and sale of shares in AsiaPak Power Limited (KESP) and another between K-Electric Limited and Trident Energy Limited to explore strategic cooperation and investment opportunities in Pakistan’s power industry.
Officials said the agreements represent a strong vote of confidence in Pakistan’s energy sector, signaling renewed international investor interest and a shared commitment to improving the country’s electricity generation and distribution system.