KE unable to disclose shareholding details, cites ongoing legal disputes

January 30, 2025 (MLN): The ongoing legal disputes among its indirect shareholders both in local and foreign courts have prevented K-Electric (PSX: KEL) from making required disclosures under Regulation 5 of the Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the company’s filing on PSX revealed today. 

The power utility reaffirmed its commitment to full regulatory compliance, assuring that all necessary disclosures will be made when possible.

The company has received a letter dated January 23, 2025, from Al-Jomaih Power Limited, an indirect shareholder, amid ongoing legal battles over KE’s ownership structure. 

The company also referenced previous correspondence, including a July 5, 2024 letter from Shaheryar Arshad Chishty to the Securities and Exchange Commission of Pakistan (SECP) and a January 28, 2025 letter from

Mark Skelton, a representative of IGCF SPV 21 Limited, to KE’s Chief Risk Officer & Company Secretary, Rizwan Pesnani.

KE also revealed that it has discharged its duty by duly issuing a notice to KES Power Limited (major shareholder) in terms of the Companies Act, 2017, on January 26, 2023 to seek a declaration to properly identify its ultimate beneficial owners. 

K-Electric has also issued a reminder to KES Power Limited in this respect. However, as of the date hereof, K-Electric has not received such declaration. 

Non submission of such declaration was duly shared with the SECP, as required by the law.

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