The KE Parent Company has rejected reports claiming that KES Power Limited (KESP), the parent of K-Electric, is selling shares to a Saudi investor. Shan A. Ashary, a director of KESP, called the media reports “misleading and factually incorrect.” The statement was shared in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
Ashary, representing Al Jomaih Power Limited (AJP), a major KESP shareholder, clarified that neither the KESP Board nor its shareholders have been informed of any such transaction. He said, “Aside from media reports, I am not aware of any sale of shares in KESP.”
The KE Parent Company highlighted concerns that the media reports might be aimed at influencing public opinion and creating the appearance of legitimacy through affiliation with Saudi officials. Ashary emphasized that such announcements are not in the interest of KESP or its shareholders.
The clarification follows reports of two memorandums of understanding (MoUs) signed during an event hosted by Sindh Chief Minister Murad Ali Shah for Prince Mansour bin Mohammed Al Saud. One MoU reportedly addressed the sale of KES Power shares, while the second focused on potential cooperation between K-Electric and Trident Energy Ltd.
Ashary stressed that Hasan Chishty does not own any KESP shares and therefore cannot sell any. KESP’s shareholders are AJP, Denham Investments Limited, and IGCF SPV 21 Limited. The sole director of SPV 21, Casey McDonald, is the only individual authorized to sell SPV 21 shares.
The KE Parent Company also noted that the shareholders’ agreement prohibits any action that could result in a change of control without consent. Legal proceedings in the Cayman Islands have been initiated to prevent unauthorized attempts by Chishty. A July 2025 court judgment confirmed that any attempt to control SPV 21 without following the agreement would be a breach.
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Ashary concluded that, without proper consent from shareholders, Chishty has no legal right to sell or transfer KESP shares. The KE Parent Company reaffirmed its commitment to protecting shareholder interests and ensuring compliance with established agreements.
