ISLAMABAD: Jomaih Holding Co has responded sharply to recent claims by KE Holdings Limited (KEH), contending that the allegations are unreliable and part of what it describes as a coordinated attempt by Sage and Shehryar Chishty to influence K-Electric’s management.
According to Jomaih, Chishty is seeking to create pressure for his own benefit while simultaneously promoting the idea of selling the same shares — an action they say violates the Shareholders Agreement (SHA) that governs KES Power Ltd (KESP).
The response from Al-Jomaih followed KEH’s letter of November 21, 2025, signed by Casey McDonald as “sole director.” Although addressed to the K-Electric Board, the letter was sent to the Chairman through his Alvarez & Marsal email rather than in his official K-Electric capacity. Al-Jomaih noted that this was significant due to the Chairman’s multiple roles in entities reportedly linked to Chishty.
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The letter was also shared with the SECP and the Pakistan Stock Exchange — and, notably, appeared on social media at the same time. Al-Jomaih argued that this simultaneous release appeared designed to harm K-Electric’s operations, public reputation, and share price. Al-Jomaih Power (AJP) and Denham Investment, long-time shareholders in K-Electric through KESP, reminded recipients that they have been invested in the company since acquiring their stake from the Government of Pakistan in 2005. They later brought in an equal partner in 2008, who contributed substantial capital and managerial resources.
Over two decades, AJP and Denham claim to have made significant investments themselves and facilitated similar investments by partners—some of whose controlling interests were later acquired by Chishty under what they describe as questionable circumstances. Related legal challenges continue in courts in Pakistan, the UK, and the Cayman Islands.
As patient, long-term investors who say they have not taken dividends, AJP and Denham contended that they have consistently supported improvements in K-Electric’s performance. They argue that KEH’s accusations lack legal basis, provide no benefit to the company, and misrepresent the rights of shareholders. They emphasized that KEH and SPV21 do not possess any rights superior to their own, and that Mr. McDonald does not represent all shareholders.
They also backed K-Electric’s senior leadership, noting its decades of experience, and rejected KEH’s claims of “rogue management” as unfounded and damaging. According to AJP and Denham, the share price contradicts KEH’s assertion of lost confidence.
AJP and Denham further argued that KEH’s decision to circulate the letter to the PSX appeared intended to destabilize the company. They pointed out that McDonald has never served on the board of K-Electric or KESP and therefore lacks firsthand knowledge of many of the matters he referenced. The letter, they said, failed to specify which board directives were allegedly ignored.
Technical issues also raised concerns. Al-Jomaih stated that metadata on the document showed it was authored under Chishty’s Microsoft 365 profile rather than McDonald’s, calling into question the independence and authenticity of the letter.
Al-Jomaih also noted that KEH’s accusations of obstruction conflicted with the fact that AJP and Denham had earlier secured a Sindh High Court injunction in October 2022 after learning that Sage and Mr. Chishty were attempting to gain control of K-Electric in breach of the SHA. That injunction remains active, while the Cayman Islands court has already held that a serious question exists over whether KEH violated the SHA by supporting those efforts.
Additionally, the SECP issued an order preventing changes to K-Electric’s board because it required disclosures about KEH’s shareholding structure which were incomplete. According to Al-Jomaih, KEH has still not provided full details of its beneficial ownership.
AJP and Denham also cited a November 13, 2025 letter from Mashreq Bank (UAE), confirming it holds a 28.94% economic interest in KEH and stating that no single unified voice speaks for SPV21/KEH —undermining KEH’s claims of a consolidated shareholder position. They further highlighted contradictions in Chishty’s public statements. On October 11, 2025, he publicly claimed that “all our shares” in the 53.8% KESP stake were being sold to a Saudi national under an MoU.
Copyright Business Recorder, 2025
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