Who Really Owns K-Electric?

Recently a Pakistani businessman by the name Shehryar Chishti made a lint announcement. He regarding his company Sage Venture that K-Electric is now owned by his company. Currently, K-Electric is the main generation and supply company of electricity to Karachi city in Pakistan.

This news was aired on the Pakistan Stock Exchange which is a market where individuals trade stakes of organizations. Most people did not expect this statement.

Sage Venture Posted Information to Clarify the Status of Its Business

This is when Sage Venture made a pretty big statement to which they followed up the letter to an important government office called the Securities Exchange Commission of Pakistan commonly known as SECP. They do not own K-Electric directly but they invest through the shares. However, this means that they don’t have the controlling stakes in the firms under the firms’ definition.

Claims Regarding K-Electric & Its Impact to Pakistan

Some executives at K-Electric felt that people’s perception of the position was overly optimistic and they wanted to ensure people were aware of the real situation. They dispatched a letter to the Pakistan Stock Exchange to clarify things.

K-Electric in their response to their letter disputing this claim said that Sage Venture Group does not own any part of their company. They also said that the principal ownership of K-Electric has still not undergone any significant alteration.

Who Really Owns K-Electric?

K-Electric explained that a company called KES Power Limited (KESP) still owns most of K-Electric. KESP owns 66.11% of K-Electric. This is a very large portion of the company.

The letter also said that the ownership of KESP itself hasn’t changed. KESP still owns 66.4% of the shares in K-Electric.

K-Electric Reassures Its Customers

To make sure everyone understands the situation, K-Electric put a message on their website. They wanted to address any worries people might have about who owns the company.

A person who speaks for K-Electric said that nothing has changed in how the company is run. The same people are still in charge of making decisions for the company. This means that customers shouldn’t notice any differences in their electricity service.

Despite the claims made by Shehryar Chishti and Sage Venture, K-Electric’s ownership remains largely the same as before. The majority of the company is still owned by KES Power Limited.