Abraaj to consider options for K-Electric stake
REUTERS: Abraaj Group has mandated Citigroup to evaluate options for its indirect stake in Pakistani utility K-Electric, the Dubai-based private equity firm said on Monday.
Abraaj bought a controlling stake in KES Power, the majority shareholder in K-Electric, in 2009.
Karachi-based K-Electric made a net profit of $70 million in 2013, Abraaj said. This compares with a net loss of $197 million in 2009.
KES Power holds a 69.2 percent stake in K-Electric, according to a company presentation this month. The Pakistani government owns 24.4 percent.-Reuters