ISLAMABAD: K-Electric Limited (KE) has dismissed recent media reports suggesting that its indirect shareholder, KES Power Limited (KESP), is in talks to sell its stake to a Saudi investor, clarifying that no such deal has been confirmed or communicated to the company.
In a statement to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on Thursday, KE said it had approached KESP its majority shareholder for clarification after multiple news outlets reported that one of KESP’s shareholders had signed a memorandum of understanding (MoU) with a Saudi group for a potential stake sale.
The company confirmed that while it had not received any official communication from KESP, one of KESP’s directors representing Aljomaih Power Limited, a key indirect shareholder, denied the existence of any such agreement.
In a letter dated October 15, 2025, Shan A. Ashary, Director at Aljomaih Power Limited, described the media reports as “factually incorrect and speculative.” He stated that Mr. Shaheryar Chishty, who was named in some reports as being involved in the transaction, “does not own any shares in KESP and therefore cannot sell any.” Ashary reaffirmed that the shareholders of KESP remain Aljomaih Power, Denham Investment Ltd, and IGCF SPV 21 Ltd.
He further clarified that there has been no sale, transfer, or agreement to sell any KESP shares, adding that any such move, if ever pursued, 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,” Ashary stressed.
K-Electric’s clarification follows weeks of market speculation regarding possible changes in its ownership structure. The company, which serves Karachi and adjoining regions, has often found itself at the center of ownership-related rumors, but this latest statement makes clear that no transaction or change in control has taken place.
