K-Electric board recommends investment of Rs.275 million in KE Venture Company

By MG News | October 28, 2020 at 09:25 AM GMT+05:00

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October 28, 2020 (MLN): The KE Board of Directors at its meeting held on 27 October 2020 has recommended to the shareholders of the Company to approve investments in KE Venture Company Private Limited (“KEVCL”) up to an amount not exceeding PKR 275 million and, for the purpose, to pass special resolution under section 199 of the Companies Act 2017 at AGM of the Company scheduled to be held on 26 November 2020.

The creation of KEVCL is part of the diversification strategy of the Company to get into allied business and create new revenue streams for KE. KEVCL will be a subsidiary of KE and is intended to be the holding company for all such investments to be made by KE. These investments would include, but are not limited to, initiatives in the renewable energy space. The current initiatives planned are in the utility scale generation landscape and the distributed generation market.

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