ISLAMABAD: K-Electric Limited (KE) on Thursday clarified that it has not received any confirmation from its indirect shareholder, KES Power Limited (KESP), regarding reports of a potential sale of KESP’s interest to a Saudi investor, after media reports suggested such a transaction was under discussion.
In a disclosure submitted to the Pakistan Stock Exchange (PSX) and Securities and Exchange Commission of Pakistan (SECP), KE said it had sought verification from KESP — its majority shareholder — after news surfaced that one of KESP’s shareholders had signed a memorandum of understanding (MoU) with a Saudi investor for a possible stake sale.
The company said that while no formal confirmation was received from KESP, a response was obtained from one of its directors representing Aljomaih Power Limited (one of KESP’s indirect shareholders), who denied any transaction involving KESP’s shares. In a letter dated October 15, 2025, Shan A. Ashary, Director of Aljomaih Power Ltd, rejected reports of a purported transaction involving Shaheryar Chishty and a Saudi-based group, calling them “factually incorrect and speculative.” He stated that Mr. Chishty “does not own any shares in KESP and so cannot sell any shares,” adding that the shareholders in KESP remain Aljomaih Power, Denham Investment Ltd, and IGCF SPV 21 Ltd.
Ashary further noted that there has been no sale, transfer, or agreement to sell any KESP shares, and that any such transaction would be subject to the Shareholders’ Agreement and approval from the Grand Court of Cayman Islands. “There has been no change in ownership or control,” he emphasized.
K-Electric’s clarification comes amid growing speculation in the market about changes in the ownership structure of the utility, which serves Karachi and surrounding areas.
