ISLAMABAD: K-Electric has reportedly become a bone of contention between the Saudi Al-Jomaih and Asiapak with the two hurling accusations against each other.
A new row erupted after the signing of an MoU between Saudi Minister Prince Mansour bin Mohammad Al Saud and Shaharyar Chishty (Asiapak)a few days ago in Karachi with the KE share price plummeting.
A letter written by Shan A Ashary, Director and key shareholder of KE, addressed to KE’s Chief Risk Officer & Company Secretary Rizwan Pesnani, as a director of KES Power Limited (“KESP”) and on behalf of Al Jomaih Power Limited (“AJP”), a shareholder in KESP, responded to Pasnani’s e-mail dated October 10, 2025 concerning the reports that Chishty has “signed a Memorandum of Understanding (MoU)” for the sale of “a majority shareholding in KES Power Ltd.”
Aside from the reports advanced in the media, Ashary is unaware of any transaction for the sale of shares in KESP. Significantly, no information has been provided to the Board of KESP or to the shareholders of KESP, he added.
“I am concerned that the announcement is intended to influence public opinion in Pakistan by generating extensive coverage as well as assume a semblance of respectability in official circles through apparent affiliation with Saudi officials. Media releases of this type are not in the interests of KESP or any other shareholder of KE. That is particularly the case where those officials have not informed us or KE of their intention to proceed.
In substance, this appears to amount to little more than a photo opportunity, Ashary said. Ashary further wrote in the letter that he is not only not aware of a sale but the media reports also appear to be factually incorrect because Chishty does not own any shares in KESP and to the extent that he has tried to acquire those shares (or control of them), the Grand Court of the Cayman Islands (where the relevant litigation is taking place because that is where KESP, its shareholders and Sage are incorporated) has recently ruled that there is a serious issue to be tried as to whether those efforts are in breach of the agreement entered into between the shareholders of KESP (the “SHA”) and Asiapak.
Ashary further cited four examples: (i) Chishty does not own any shares in KESP and so he cannot sell any shares. The shareholders in KESP are AJP, Denham Investments Limited (“Denham”) and IGCF SPV 21 Limited (“SPV 21”). The sole director of SPV 21 is Casey McDonald. Accordingly, the only person that can legally sell the shares in SPV 21 is McDonald;(ii) the SHA prohibits Casey McDonald and SPV 21 from permitting or taking any action which would result in a change of control of SPV 21 itself;(iii) in contravention of the above provision, Chishty has sought to take control of SPV 21 absent the consent of AJP and/or Denham.
AJP and Denham have commenced proceedings in the Cayman Islands to restrain that breach; and (iv) in a judgment dated 31 July 2025 (Al Jomaih Power Limited v IGCF SPV 21 Ltd FSD2025-0037), Justice Asif of the Grand Court of the Cayman Islands concluded that there was a serious issue to be tried as to whether SPV 21 had breached the SHA by permitting or allowing Chishty to take control of SPV 21.
“For all of the above reasons, I do not believe that Chishty has any right or entitlement to sell any shares in KESP and the Grand Court of the Cayman Islands has held that any attempt by him to control SPV 21 would breach the SHA. Absent an agreement with AJP and Denham or compliance with the SHA, there can be no change,” the letter further stated.
On Thursday, talking to Business Recorder, Sheharyar Chishty accused Al-Jomaih of lies contending that for the last three years, the consumers of Karachi, the Federal Government, the Sindh Government and Chishty himself have become accustomed to their lies. This is yet another falsehood in a long line of deception that Al-Jomaih insists on repeating and upholding, he added.
“Just ask him (Ashary) how many shares he actually owns in K-Electric. He holds only 9 percent of the shares, yet he wants to take control of the entire company,” Chishty added.
Copyright Business Recorder, 2025
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