The majority shareholders of an offshore holding company that owns most of Pakistani power company K-Electric said on Wednesday they have initiated legal proceedings to seek direct ownership of a stake in the utility.
The power utility's holding structure has widely been considered an impediment to its acquisition by China's state-owned Shanghai Electric, a deal that has lingered for years due to regulatory and legal hurdles in Pakistan.
Sadia Dada, Chief Marketing and Communications Officer at K-Electric, said the utility was "neither privy to the contents of the petition nor in a position to comment". IGFC was previously owned by the now defunct Abraaj Group, and changed hands in 2022 when AsiaPak Investments, a private investment firm with operational assets in Pakistan and Hong Kong, acquired it.
Shanghai Electric has been in talks to acquire a stake in KE for more than half a decade, delayed due to regulatory approval and liquidity constraints as a consequence of mounting circular debt plaguing the country's power sector. The government of Pakistan owns a 24.4% stake in K-Electric.
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