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ISLAMABAD: The Power Division has convened a meeting of three-member ministerial committee on October 16, 2023 to find an amicable way out in the dispute between Al-Jomaih and KES Power on shares of K-Electric, well-informed sources told Business Recorder.

A ministerial committee, composed of Minister for Energy (chair), Minister for Privatisation, and Minister for Law & Justice, will meet to assess any specific interest of GoP in the matter of K-Electric regarding shares dispute and suggest a viable future course of action, the sources added.

The committee would also evaluate the proposal of Privatisation Commission (PC) that AI-Jomaih issue of transfer of K-electric shares be assigned to International Dispute Cell of Attorney General for Pakistan (AGP).

AI Jomaih-KES dispute: Ministerial committee to find ‘amicable’ way out

The KE’s Annual General Meeting (AGM) is also scheduled on October 26, 2023 wherein different issues related to the power utility company will come under open discussion.

KE’s Company Secretary has stated that the quorum of proxy is required to be filled and executed on behalf of Government of Pakistan to ensure quorum and representation of GoP at the AGM.

The KE has requested GoP Directors to send it the executed forum or proxy at the earliest but in any case not later than 48 hours before the AGM.

Further, a ballot paper pertaining to special business is part of the agenda of AGM for circulation/dissemination of annual audited financial statements to the shareholders through QR extended code and web link as allowed by the Securities and Exchange Commission of Pakistan (SECP) on March 21, 2023. The proxy holders of GoP appointees would be requested to follow the guidelines.

The sources said, issue of shares transfer of KE came under discussion at a recent meeting of Executive Committee of Special Investment Facilitation Council (SIFC).

On October 4, 2023, Shan A Ashary, the Saudi Group’s investment advisor and ex-Chairman KE told media that Shanghai Electric Power (SEP) has renewed its commitment to acquire 66.40% shares in K-Electric, adding that new deal with SEP should go up to $ 2 billion now instead of earlier offer of $ 1.77 billion.

On September 12, 2023, Ministry of Privatisation had shared a self-explanatory note of Ministry of Law and Justice with the Power Division in which the latter stated that suit No 1731/2022 relating to KES Power and K-Electric Ltd, is pending before the Sindh High Court at Karachi.

The Law Ministry, sources said has advised Privatisation Ministry to pursue the said civil case vigilantly. Further, since the matter has strategic importance, the Legal Counsel representing Privatisation Ministry may be instructed to request the Court to maintain the interim order passed in the civil court.

Prime Minister’s Office has also asked the concerned Ministries to keep a close eye on proceedings at a court in the Cayman Islands.

The sources said dispute between AI-Jomaih of Saudi Arabia and KES Power is well known to everyone at the government level as the government has sympathies with Al-Jomaih due to very special relationship with Saudi Arabia.

Copyright Business Recorder, 2023

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