Recent media reports claiming that Saudi investors are acquiring ownership in K-Electric have been described as misleading and factually incorrect by Shan A. Ashary, Director of KES Power Limited (KESP), the parent company of K-Electric.
The clarification was issued in a notice sent by K-Electric to the Pakistan Stock Exchange (PSX) on Thursday.
In a letter released by Al Jomaih Power Limited (AJP), a major shareholder in KESP, Ashary said that neither the board of directors nor shareholders of KESP have been informed of any such potential transaction.
Addressing ownership claims directly, Ashary clarified that Hassan Chishti holds no shares in KESP, and therefore has no authority to sell any stakes.
He underscored that, aside from speculative media coverage, there has been no formal communication or approval regarding any share sale within KESP.
Ashary further warned that such reports appear to be aimed at influencing public opinion in Pakistan and potentially leveraging alleged connections with Saudi officials to gain undue credibility at the government level.
He noted that these media claims are neither in the interest of KESP nor beneficial to the other shareholders of K-Electric. “When neither we nor K-Electric have been notified of any such development, it all seems more like fiction than fact,” Ashary wrote.
This clarification comes in the wake of recent high-level engagements between Pakistani officials and a Saudi business delegation led by Prince Mansour bin Mohammad Al Saud. During a meeting hosted by Sindh Chief Minister Murad Ali Shah, two memorandums of understanding (MoUs) were signed—one reportedly concerning the potential sale of KESP shares, and the other regarding possible investment in the energy sector between K-Electric and Trident Energy Limited.
