KARACHI: A significant revelation regarding the ownership of K-Electric has emerged in the Pakistan Stock Exchange (PSX), with Pakistani businessman Shehryar Chishti making a substantial claim.
Chishti, through his company Sage Venture, asserted that they had acquired ownership of KE, the main electricity supplier for Karachi.
However, in a recent letter to the Securities and Exchange Commission of Pakistan (SECP), Sage Venture clarified that it does not possess direct controlling shares in the company.
Following this, the management of KE issued a letter to the PSX to clarify the matter further.
The letter emphasized that Sage Venture Group does not have direct ownership in KE.
The PSX letter confirmed that there has been no significant alteration in the direct shareholding structure of K-Electric.
The majority stake of 66.11 percent remains with KES Power Limited (KESP). Furthermore, the letter reiterated that there has been no change in the ownership of KESP, which still holds 66.4 percent of the shares in KE.
In addition to the clarification letter, KE issued a statement on its website addressing the ownership concerns.
The company’s spokesperson assured that there is no change in the board of directors and the governance structure remains intact.
