SECP directs KEL not to change composition of BoD

November 18, 2022 (MLN): The Securities and Exchange Commission of Pakistan (SECP) on Friday directed K-Electric that the composition of the current Board of Directors (BoDs) shall not be changed till further orders, the company filing on PSX showed today.

To recall, news reports published in newspapers on October 12, 2022, October 13, 2022, and October 20, 2022, reported that a large part of the controlling stake in KEL has been acquired by Sage Venture Group Limited (Sage), a British Virgin Islands registered special purpose company.

KEL also announced on October 20, 2022, that changes have been consummated involving IGCF General Partner Limited (IGCF GP), being the fund manager, and the Infrastructure and Growth Capital Fund L.P. (Fund), being the owner of the Fund assets. In particular, controlling interests in IGCF GP and certain limited partnership interests in the Fund have been acquired by Sage, wholly owned by Asia PaK Investments Limited.

The company also informed earlier that Mr. Boudewijn Clemens Wentink, Mr. Khaqan Saadullah Khan, and Ms. Sadia Khurram have resigned as non-executive directors nominated by KES on the board of KEL.

Subsequent to the aforesaid announcements made by KEL dated October 20, 2022, SECP sought detailed information regarding the changes in ownership to assess the compliance of Part IX of the Act (Takeovers), which is awaited as the KEL has sought further time to provide the requisite information.

The Commission is responsible for monitoring the compliance of applicable legal provisions with respect to the takeover regime as envisaged under the Act and other laws administered by the Commission to safeguard the interest of investors and the general public.

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