THIS is with reference to the article ‘Who controls K-Electric?’ (July 16) whose conclusion that what happened to one investor in a consortium of KES Power, which is the holding company of KE, should have somehow invoked a takeover, has no legal basis. Besides, the liquidation of Abraaj had little direct bearing on KE operations, and recent investments reflect the confidence of the lenders.
Al Jomaih continues to be involved in overseeing the operations and works with the government which has approximately 24 per cent stake in KE and has three members on its board of directors.
Further, KE’s fiduciary matters are regulated by the relevant authorities , and all statutory requirements are complied with. Also, all discussions with the National Electric Power Regulatory Authority (Nepra) remain in the public domain and decisions are taken after due process.
Finally, the transfer of majority stake of KES Power to Shanghai Electric Power (SEP) has been under deliberation since 2016 and the matter is awaiting clearance from the federal government.
Published in Dawn, August 4th, 2021