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KE request refused by NEPRA for high tariff- declared new tariff as Rs12.82/KWH

KARACHI: K-Electric (KE) request for hike in power tariff is rejected on Thursday by the National Electric Power Regulatory Authority (NEPRA), in order to reinstate the preceding Multi Year Tariff (MYT). The power tariff is declared as Rs12.82/kwh for latest MYT for the next 7-years (FY 2017-23) which is observed as slightly elevated at an amount of Rs0.05 from the tariff of October 2017 as Rs12.77/kwh. It is the third time, that KE plea regarding increase in power tariff is rejected by NEPRA. NEPRA, on their…

Abraaj founder, Naqvi faces cheque bounce charges in UAE

Dubai: The founder of the Abraaj Group, Arif Naqvi is facing criminal investigation in the UAE for issuing bad cheques, as cheque bouncing is treated as criminal offence in the UAE. The new development is expected to endanger the prospects the company’s efforts to resolve its issues with investors and creditors through liquidation. According to sources, Naqvi has been issued an arrest warrant in UAE relating to a cheque bounce case. According to sources, the bounced cheque was used as partial security for…

Int’l companies term Pakistan an investment friendly country

DAVOS: Senior Executives of leading International companies have termed Pakistan as one of the most investment friendly countries in the world. They were speaking at a dinner hosted by Abraaj Group of UAE at Davos, which was attended by Prime Minister Nawaz Sharif as chief guest, and senior executives of leading international companies including City Bank, Unilever, McKinsey and others. Senior executives candidly spoke about the change brought by the present government in ease of doing business in Pakistan. They…

Abraaj sells K-Electric shares to Shanghai Electric worth $1.77 bn

The Abraaj Group on Sunday announced that it has agreed to divest its 66.4% shareholding in K-Electric to the Shanghai Electric Power Company Limited for US$ 1.77 billion. In a press statement, the company said that this is one of the largest private sector transactions in Pakistan and represents one of the most well-recognised operational turnaround stories. K-Electric (formerly Karachi Electric Supply Corporation) was privatised in 2005, and Abraaj bought a majority stake in 2009 which transformed the strategic asset…

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…