KARACHI: The differences between the new ownership claimant and the existing company owner for management control have intensified in the battle to take over the management of K-Electric.
The court battle is likely to reach Britain from the Sindh High Court, Cayman Islands. Chief Investment Officer Al Jama’a said that Shahryar cannot manage Chishti’s electricity.
A new controversy has arisen after the IGCF Group’s share was transferred to a new owner. Speaking to the media in Karachi, Al-Jamaa’s Chief Investment Officer Shan Abbas Ashari said that the matter of ownership claim by Asia-Pak is under hearing and they have the right to litigate. “The transfer is invalid,” he said by adding that the new investor must prove the claim of the major shareholder.
According to Shan Abbas Ashari, Al-Jamaa has submitted a plan to generate cheap electricity for Karachi in the next seven years in Nepra which includes an investment of 500 billion rupees. The deal of Shanghai Electric is also in the interest of Karachi.
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Meanwhile, according to the spokesperson, there has been no change in the board structure of K-Electric. No new director has been appointed to the board of K-Electric in the last ten months, this clarification has also been issued to the media on July 5.
A day ago, Shahryar Chishti, head of Asia Park Investment Group, claimed that his company had bought 54% of K-Electric.It should be noted that K-Electric provides electricity to an area of 6500 square kilometers including Karachi and its adjoining areas. 66.4 percent shares of the company are listed on the Pakistan Stock Exchange and owned by KES Power.
It is a consortium of investors, including Saudi Arabia’s Al Jumaa Power Limited, Kuwait’s National Industries Group (Holding), and the Infrastructure and Growth Capital Fund (IGCF). The government of Pakistan also has 24.36% shares in K-Electric.
