IGC LP now has no indirect interest in KE, PSX told

KARACHI: K-Electric has clarified that Infrastructure & Growth Capital LP no longer holds an indirect stake in K-Electric Limited (PSX: KEL) following the divestment of its shares in K-Power Holding Limited.

In a notice to the Pakistan Stock Exchange (PSX) on Monday, K-Electric detailed a letter from Sage Venture Group Limited (SVGL), an indirect shareholder of K-Electric, addressed to the Securities and Exchange Commission of Pakistan and copied to K-Electric.

The notification said, “It has been informed through the letter that certain changes have taken place that has impacted the shareholding and ownership structure of K-Electric.”According to the said letter, Infrastructure & Growth Capital LP (the ‘Fund’) made a distribution in kind to its Limited Partners of all the shares held by it in K-Power Holding Limited (KPH) (formerly IGCF SPV 26), and subsequent to the said distribution, the Fund now has no indirect interest in KE.

Further, the letter states that the said distribution did not change the ultimate beneficial ownership of IGCF SPV 21 Limited, which is an indirect shareholder of K-Electric.The notification added, “Moreover, the letter also informs that SVGL now holds a 46.11 per cent stake in KPH, which indirectly holds a 25.2 percent interest in K-Electric.However, the shareholding/control of KE -- 66.4 percent -- held through KESP, remains unchanged”.